A Quick Short in the Nikkei
Rowan Crosby • 1 min read
It’s been a wild ride in Japan over the last 24 hours. Yesterday we got word that North Korea had sent a test missile flying across its shores. Overnight tensions subsided and we retraced and the Nikkei regained some of the lost ground.
On Wednesday we had retail sales that were slightly positive. That helped us tick higher although action so far is relatively quiet. That leads me to look toward some technicals to find an entry.
I’ve been working the 19500 level on a few occasions as we have both a downtrend and overhead resistance. Longer term we have a bearish chart pattern that we have not been able to break successfully.
I’m looking to work the range between 19500 and 19300 in the short term, before seeing if 19300 will hold up longer term.