E-Mini NASDAQ: Forecast For January 15, 2015
Jason Sen | Jan 15, 2015 02:38AM ET
E-Mini NASDAQ has now become very oversold in short-term and having held very strong Fibonacci support at 4095/4090, we look likely to stage a recovery into the end of the week. First we must beat immediate resistance at 4155/4158 to target 4175/80. We should find this area struggle and should at least pause in the recovery here. However don't ruled out further gains to target of 4190/4193. This is strong resistance and a good chance we will make it no higher. It should be worth trying trying shorts with stops above 4205. However on a break higher 4142/4190 becomes strong support for the next target 4215/4217.
We must hold onto immediate support at 4140/4135 for a chance of recovery today, but failure here risks a slide back to the 100 day moving average at 4121/18. From here down to very strong Fibonacci support at 4095/4090 offers a second buying opportunity today. Try longs with a stop below 4080. Just be aware that a break below December/January lows at 4084/4082 would be a very negative signal going forward and could accelerate losses to the downside.
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