Just a quick post to stay up-to-date with recent moves.
The Nikkei finally broke through 17,500 with rising volumes and ADX pointing up. Today it was rejected at 18,000. Again: 18,300 was the double top of 2007 before the market crashed to 7,000. Again, it is not a good time to enter a trade because:
The trend is obviously still bullish but we might see the retracement we have been waiting for to enter long. If the Nikkei manages to close a daily candle above 18,300 with high volumes then this analysis null and void.
The Nikkei finally broke through 17,500 with rising volumes and ADX pointing up. Today it was rejected at 18,000. Again: 18,300 was the double top of 2007 before the market crashed to 7,000. Again, it is not a good time to enter a trade because:
- strong strong strong resistance at 18,300
- daily RSI divergence and other oscillators in overbought zone
The trend is obviously still bullish but we might see the retracement we have been waiting for to enter long. If the Nikkei manages to close a daily candle above 18,300 with high volumes then this analysis null and void.
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