jangseohee

NKY, in space looking for support

INDEX:NKY   Nikkei 225 Index
10
After Aber announced another round of QE , Nikkei 225 shoot to all time high BRIEFLY flirting with 18000 intraday and then couldnt maintain the momentum into year 2015.

It is still too early to say that we have an island reversal + evening star as i need to wait until Jan 2015 monthly candle to conclude. As you can see the next all important support will be the multi-year resistance turn support line in black.

My premature speculation is that there is a possibility of H&S or double top in coming months.

Needless to say, if the index break down the multi-year support line (previously resistance line), the next all important support will be the lower line of Channel Z which coincide around 14500. Assuming Aber do not interfere anymore and let Nikkei 225 to search for its natural direction
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