Nasdaq100 Futures are currently at 7514, and they are creating a bullish set up again, though they are resisting at the 50 day SMA at 7537. The velocity or ferocity of this upmove has been impressive, and Nasdaq100 futures will most likely cross the 50 day SMA in the coming week. The reliable upside targets are 7630 and 7730. So there is 100-200 points upside visible from current price. Stop loss for all long positions should be 7400. The target for Nasdaq100 futures is 8000, which may come in the next 1-3 months.
Crude Oil Futures are showing clear signs of bottoming out in this current fall. Current price is $52.86. Aggressive traders can go long even at current price for Target 55 and Stop loss 50. A clear bullish signal will come above $55, and crude oil can go upto $60 before facing fresh resistance and selling pressure. Observe the 50 day simple moving average (SMA), which is currently at $60.50 and its sloping downwards gradually. Once crude oil starts trading above its 50 day SMA, a fresh upmove can take it to $72. Long term support levels are around $45 on the lower side. Therefore, $50 is the absolute stop loss for any long trade as of now.
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