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Wednesday, 23 April 2014

Nikkei 225 Futures Daily

General Overview for 23/04/2014:
The price has hit the upper corrective trend boundary and now, if the count is right, the market should reverse and continue the downtrend with a target at the level of 13160 min. However, there is another way to label the current wave progression and make the triangle pattern wave b top a little lower, at the level of 14645 (current wave X). This would mean, that the target level for wave Y is even lower.


Support/Resistance:
14645 - Wave X top
13885 - Technical Support
13160 - Target Level

Trading Recommendations:
Short orders should be opened from current price levels with SL above the level of 14645 and TP at the level of 13160. Good place for a swing/position trade.

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