Risk On Sentiment – Nikkei In Sell Zone!
Arslan Butt • 1 min read
The Japanese Stock Market Index Nikkei soared +0.45% merely in the Asian session today. The bullish momentum in Japanese stock markets is initiated over by diminished demand for haven assets such as Gold, Yen and Bitcoins. For your information, the Bitcoin is still in debate of attaining a safe haven status. Anyways, you should check our FX Leaders article on Bitcoin to gain more understanding about there.
Nikkei – 4 Hour Chart – Selling Zone
Technically, the index is massively overbought and has reached below the major resistance areas at $19950. The RSI is holding above 80, signaling that we shouldn't enter a buy anymore, rather look for sell entry. Having said this, let's take a quick look at the trading idea.
Nikkei – Quick Trading Idea
At this point, the rough idea is to have a sell position below $19950 with a target of $19750 and $19700 while placing a stop above $20000.