Double Top in the Nikkei?
Rowan Crosby•Monday, September 25, 2017•1 min read
The Nikkei was a huge performer last week, as worldwide equity markets continued to ride the upward momentum. US markets have been making record highs on a daily basis, however, it’s been a slow grind rather than a powerful breakout.
The Nikkei has surged on the back of some Yen weakness. I suspect equities are getting set for a downside correction in the coming weeks. The FOMC rate hikes might be the start of a potential move lower.
On the 240 min chart, it looks like we are trying to test 20500, but have in fact put in a double top. 20420 might be a level to play off for a short, however, be careful when fading the momentum.
Nikkei – 240 min Chart
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Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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