VantageMarkets

Nikkei rallies to be limited by a swing high?

Short
VANTAGE:NIKKEI225   Nikkei Index Cash CFD (JPY)
NIK225 - 24h expiry - We look to Sell at 28330 (stop at 28530)

We are trading at overbought extremes.
Prices spiked higher and stalled at resistance in early trade.
Further selling pressure led to a reversal in price action.
The current move lower is expected to continue.
Preferred trade is to sell into rallies.
The hourly chart technicals suggests further upside before the downtrend returns.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.

Our profit targets will be 27760 and 27395

Resistance: 28505 / 29295 / 29710
Support: 27880 / 27395 / 27050

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