Nikkei – Weekly shooting star confirmed

Bearish outside day posted

Posted on
Nikkei225_Equities_0802

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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Steve has traded and analysed financial markets for over 30 years. He started on the Baltic Exchange with Cargill Investor Services in 1987 trading Commodities. Following this Steve went on to work in a number of senior trading roles on LIFFE. From 1995, Steve then traded his own account, specializing in European Fixed Income markets. For many years he ran his own proprietary trading company, facilitating and educating traders. In 2012 he joined PIA-First and assisted in restructuring the company and help build it into one of the UK’s leading, award-winning independent research houses.

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Steve has traded and analysed financial markets for over 30 years. He started on the Baltic Exchange with Cargill Investor Services in 1987 trading Commodities. Following this Steve went on to work in a number of senior trading roles on LIFFE. From 1995, Steve then traded his own account, specializing in European Fixed Income markets. For many years he ran his own proprietary trading company, facilitating and educating traders. In 2012 he joined PIA-First and assisted in restructuring the company and help build it into one of the UK’s leading, award-winning independent research houses.

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