informedtrades

Wait for Nikkei to Rally Before Shorting

FX:JPN225   Nikkei 225 Index
We're seeing some signs of weakness in equity indices around the world, and thus potential opportunities to short. Below is a chart of the Nikkei. A pattern of lower highs is in place, and the market closed at a critical support level . I would expect the market to rally a bit from here, and set up short opportunities at the upper trendline (in purple) or at the resistance line in black. If the market breaks through 13846 this week, I think a rally and re-test of that level could be a short opportunity as well.
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