EvanJones

Nikkel in debate with the indices regarding its next move

FX:JPN225   Nikkei 225 Index
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With the resumption that Oil will increase, this has played in the favor of all indices indexes. If oil can break its current triangle (please see a chart of oil to examine this) then this will aid the Nikkel, DAX30 , FTSE , S&P & DOW.

If this is the case then I expect this resistance block to be breached and a move to the next fib of 61.8% or 16700 and then potentially a move up towards 17100-17200 if oil stabilizes in an uptrend.

However, if the general people feel that there is still an over glut of oil supply in the market (I'm off this impression regardless of the freeze in oil production levels) then I suspect we will see a bounce and a move lower to make a new lower low!

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