Nikkei H1 is apaporaching a key resistance level at 29030 which is a 61.8% Fibonacci retracement, a strong horizontal overlap resistance and also a level where strong price action pushed price strongly lower previously.
A reversal from this level could see prices make a push down to 28700 area where our 1st support is - this also happens to be in line with a major horizontal pullback support and a 61.8% fibonacci retracement.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.