nikkei 225 daily outlook for thurs 11 june potential pull back before new rise 689772015
<p>(Click to enlarge charts) What happened yesterday The Japan 225 (proxy for the Nikkei 225) has rebounded as expected and almost met the first short-term […]</p>
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What happened yesterday
The Japan 225 (proxy for the Nikkei 225) has rebounded as expected and almost met the first short-term target at 20400.
Please click on this link for a recap our previous daily outlook.
Key elements
- The Index has continued to hold above the lower boundary (support) of the medium term ascending channel (in dark blue) in place since 16 October 2014 low at 20060.
- Price action has formed a daily “Bullish Harami” candlestick pattern at the 20060 support.
- The hourly Stochastic has reached its extreme overbought level which highlights the risk of a short-term pull-back in price action of the Index.
Key levels
Intermediate support: 20225
Pivot (key support): 20060
Resistance: 20400 & 20600
Next support: 19920 & 19460
Conclusion
The Index is likely to see a pull-back towards the intermediate support at 20225 before another potential upside movement occurs to target the next resistance at 20600.
However, failure to hold above the 200600 pivotal support may see a slide towards the next support at 19920. Only a clear break below 19920 is likely to damage the medium term bullish trend for a correction towards 19460 in the first instance.
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