17 Jan 2014
Nikkei 225 showing bearish signs - 2ndSkies
FXstreet.com (Bali) - The Nikkei 225 is providing some tentative technical indications that selling pressure short term may continue, notes Chris Capre, Founder at 2ndSkies.
Chris notes how the index is down almost 600 points from the highs, saying "this communicates the bears are putting on more selling pressure when in control vs. the bulls."
"The index also broke below a major SH (Swing High) recently forming a bearish engulfing bar at the at key level" Capre explains.
About Capre's strategy, the Analyst is looking "for corrective pullbacks into 15840, or 16250 to get short on weakness, downside targets would be 15500 and 15050."
"We could be seeing the Japanese index starting to roll over as the impulsive selling days are clearly outweighing any bullish closes", Capre concluded.
Chris notes how the index is down almost 600 points from the highs, saying "this communicates the bears are putting on more selling pressure when in control vs. the bulls."
"The index also broke below a major SH (Swing High) recently forming a bearish engulfing bar at the at key level" Capre explains.
About Capre's strategy, the Analyst is looking "for corrective pullbacks into 15840, or 16250 to get short on weakness, downside targets would be 15500 and 15050."
"We could be seeing the Japanese index starting to roll over as the impulsive selling days are clearly outweighing any bullish closes", Capre concluded.