Trade Setup: Nikkei Offering Opportunity
Rowan Crosby • 1 min read
While equity markets have rallied strongly, the Nikkei has been behaving itself. The Japanese Index is stuck in a tight range between 20420 resistance and 20255 support. While the range certainly can’t last forever I think it still offers more opportunity.
Overall I feel that we are clearly overbought and I expect a slight correction in the coming days. That said markets have a habit of drifting higher and crushing volatility.
I’m happy to sell at the 20420 level for a short-term trade, however, keep those stops tight as we still have the potential to break out higher.