The Nikkei is Back at Support: Looking for a Rebound
Rowan Crosby • 1 min read
On the back of the saga with North Korea and the drive towards safe haven assets, the Nikkei has sold off also and is back at our key support level.
We’ve tried and failed a few times to breach this area but every time, it's held up. I think this again might give us an opportunity to go long and look for a bounce. The 19300 is also around the key 200 SMA which often acts a strong support or resistance level and often dictates the entire tone of the market.
This trade is obviously dependent also on market sentiment and the news. If we get more news out of North Korea then there is a chance of more weakness. If not then I will be looking for a retrace and to close the gap from the weekend.