Daily Forecast - 25 April 2016
E Mini Nasdaq June contract
Emini Nasdaq managed to hold April lows at 4427/26 bouncing from 4431. We are establishing a short term sideways trend to ease overbought conditions. Short term oversold so a recovery today possible but first resistance at 4465/69. If we continue higher look for 4479/82 then minor resistance at 4488/90 before a selling opportunity at 4505/10. Shorts need stops above 4520.
Holding below 4465 targets support at 4440/35. However a break below 4430 targets the best support for today at 4420/15. Try longs with wide stops below 4400 as this is an important longer term level. However a break & close below 4410 turns the outlook more negative.
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