Back
11 Dec 2014
Nikkei 225: Bearish ST, bullish LT - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, has shifted focus to the downside in the Nikkei 225, noting that weak rallies into 17.5K could be good opportunities to look for a sell signal.
Key Quotes
Losing almost 900 points from the yearly highs over the last few days, the Nikkei tried to bounce from yesterday's lows, but the offers were too strong with the index closing lower. There are still buyers stepping in intra-day as evidenced by the bottom-side wicks we continually find every 2-3 candles, so bids are not totally gone.
For now ST the bias is bearish while LT bullish. Because we are now below a key resistance in 17.5K that we talked about in our members commentary yesterday, weak rallies into this level could be good opportunities to look for a sell signal at resistance with range support around 17K & 16.7K.
Key Quotes
Losing almost 900 points from the yearly highs over the last few days, the Nikkei tried to bounce from yesterday's lows, but the offers were too strong with the index closing lower. There are still buyers stepping in intra-day as evidenced by the bottom-side wicks we continually find every 2-3 candles, so bids are not totally gone.
For now ST the bias is bearish while LT bullish. Because we are now below a key resistance in 17.5K that we talked about in our members commentary yesterday, weak rallies into this level could be good opportunities to look for a sell signal at resistance with range support around 17K & 16.7K.