Nikkei: Weekly Close Above 18000 Would Be Warning To Bulls
Jason Sen | Dec 02, 2016 01:08AM ET
Mini Nikkei 225 has a series of Dojis and now a shooting star candle. Not a sell signal but certainly a warning that we may trade sideways to ease overbought conditions. First support at 18380/370 but below here targets minor support at 18270/260. On further losses look for a buying opportunity at 18140/130. Longs need stops below 18090. Just be aware that a weekly close below 18000 tonight would be a bigger warning to bulls.
Bulls need a weekly close above 18600 to feel confident in to next week.
Holding first support at 18380/370 targets 18480/490 then 18570/580. Gains are likely to be limited in overbought conditions now but a break above 18610 targets 18655/665 before the 18755 high. If a break higher is seen look for targets 18785/790, 17850/860, 18990/99 then this year's high at 19030/040.
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