via StockCharts.com
The Nikkei is correcting. It has been in up trend since September 2010. Recently the RSI has touched the 70 level and started to fall down and currently at 45.27. MACD has crossed the signal line below. Slow stochastic has dropped from the over bought region and is below 50 level. All are the bearish signs. The correction can be deeper. If Nikkei breaks below the support provided by the 50 day simple moving average at 10204.81 then the next support will be at 9896.79 by 200 day simple moving average. The overall structure of Nikkei is positive and there is no reason of worry until it breaks through the support provided by 200 day simple moving average.
The Nikkei is correcting. It has been in up trend since September 2010. Recently the RSI has touched the 70 level and started to fall down and currently at 45.27. MACD has crossed the signal line below. Slow stochastic has dropped from the over bought region and is below 50 level. All are the bearish signs. The correction can be deeper. If Nikkei breaks below the support provided by the 50 day simple moving average at 10204.81 then the next support will be at 9896.79 by 200 day simple moving average. The overall structure of Nikkei is positive and there is no reason of worry until it breaks through the support provided by 200 day simple moving average.
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