Nikkei 225: 7th June Analysis
MONTHLY CHART
Price clearly uptrending, strong support at 21k, clearly rejected at 24k. Needs to create a solid area of resistance there, so expecting price to go up there and test if this level is really a relevant resistance level.
21k also a fib respectation, so decent support to range between those levels for a while (potentially)
Conclusion:View is definitely bullish, but rejections mean a potential drawdown on its way.
WEEKLY CHART
Nice support and channel lines lining up to an area of potential support. View on this is neutral/bearish, needs to test that 21k level for further upside move.
Conclusion:View is slightly bearish because of this sell off, looks like it already found bottom. Besides that, stay neutral.
DAILY CHART
Falling wedge broke out, structure is bearish on this one, expecting a move down. Maybe test the highs one more time.
Conclusion:Bearish on this timeframe. Clear downtrend starting, looking for a test of the lows now, which is 22k.
4 HOUR CHART
Steap move up, too steap to hold so it'll probably slow down in momentum and change direction here.
Price clearly uptrending, strong support at 21k, clearly rejected at 24k. Needs to create a solid area of resistance there, so expecting price to go up there and test if this level is really a relevant resistance level.
21k also a fib respectation, so decent support to range between those levels for a while (potentially)
Conclusion:View is definitely bullish, but rejections mean a potential drawdown on its way.
WEEKLY CHART
Nice support and channel lines lining up to an area of potential support. View on this is neutral/bearish, needs to test that 21k level for further upside move.
Conclusion:View is slightly bearish because of this sell off, looks like it already found bottom. Besides that, stay neutral.
DAILY CHART
Falling wedge broke out, structure is bearish on this one, expecting a move down. Maybe test the highs one more time.
Conclusion:Bearish on this timeframe. Clear downtrend starting, looking for a test of the lows now, which is 22k.
4 HOUR CHART
Steap move up, too steap to hold so it'll probably slow down in momentum and change direction here.
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