March E-mini NASDAQ-100 Index futures are inching higher on Thursday as investors continue to digest the impact of the Brexit decision. Although the initial news was bullish, traders are saying the lack of details over the next move by the UK is causing enough uncertainty to keep investors on the sidelines.
At 11:51 GMT, March E-mini NASDAQ-100 Index futures are 7269.25, up 1.50 or +0.02%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 7295.50 will signal a resumption of the uptrend. This could lead to a test of the October 17 main top at 7403.25. It’s not likely today, but a trade through 6939.00 will change the main trend to down.
On the downside, the key support is a long-term Fibonacci level at 7022.25.
Daily Technical Forecast
Based on the early price action, the direction of the March E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the downtrending Gann angle at 7317.00.
Taking out 7317.00 will indicate the buying is getting stronger. If this move generates enough upside momentum then look for the rally to extend into 7403.25. This is a potential trigger point for an acceleration to the upside with the next Gann angle target coming in at 7541.00.
A failure to overtake 7317.00 will signal the presence of sellers. The first downside target is an uptrending Gann angle at 7195.00. Since the main trend is up, look for buyers to come in on the first test of this Gann angle. This is a potential trigger point for an acceleration to the downside with the next target angle coming in at 7067.00.
This article was originally posted on FX Empire
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