Nikkei – Weekly shooting star confirmed

Bearish outside day posted

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Technical

Weekly: Price action has once again failed to capture and hold ground above the 23000 level. A shooting star candle has been posted and further negative price action looks to confirm a rejection. The upward trending support line comes in around 21700. Bearish divergence can be noted on the chart.

Daily: The bearish outside day posted on 30/08 is negative for sentiment and the break of 22665 has confirmed a new short-term bearish phase. We believe prices are now likely to target a more sustained correction towards the 50% Fibonacci retracement level (21701)

We look to Sell at 22540 & 22700

Stop: 23100

Targets: 21700 & 21375

UPDATE: Stopped at 23100

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