It appears that my short term 27750 level was too timid, and Nikkei powered through the area like butter. The move in the index points to underlying strength and should see continuation higher. I am therefore updating my short term target to 28900 - this being the 1st Fibonacci projection level from the February March selloff. Stay long!
Comment:
The 28900 has been achieved in Nikkei and the market is still strong. Continue holding longs setting a trailing stop just below the weekly low of 28k to protect the position in case of adverse developments.
