Green Pips In The Nikkei – Trading Levels

Written by: Arslan Butt • Wednesday, April 19, 2017 • 1 min read

• Last updated: Wednesday, April 19, 2017

Albeit belatedly, the Japanese stock market index Nikkei gained some movement and our forex trading signal closed at take the profit level of $18500. The exciting part is that the Nikkei plunged right after placing the high exactly at $18500.

The geopolitical tensions around the world are placing pressure on the global equities markets. Despite this, we entered a buying entry based purely off technical analysis.

Nikkei - Hourly Chart Nikkei – Hourly Chart

Trading Levels

Support Resistance

S1: 18318.39 R1: 18610

S2: 18268.60 R2: 18529.39

S3: 18188 R3: 18480

Forex Trading Signal

In the hourly chart the Nikkei broke out of a descending triangle which was extending resistance at $18400. Besides this, the RSI was holding above 50 along with the 50 periods EMA which was providing support near $18350. Thus, we recommended a Forex Trading Signal to buy Nikkei index with a take profit of $18500.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.