NIKKEI Is it worth buying here?
Nikkei (NI225) is about to test the 1D MA50 (blue trend-line) for the first time as a Resistance, following the bearish break-out on April 15, which was its first breach since November 02 2023. This is a very consistent behavioral pattern with both of the previous two corrections of the 2-year Channel Up pattern.
As you can see, reclaiming the 1D MA50 wasn't enough for either correction to make the index resume the uptrend, even closing above the 0.786 Fibonacci retracement level didn't guarantee it. What did form the index' bottom however, was the 1D RSI touching the 30.00 oversold limit (green circle).
At the moment the index is rebounding off such an RSI test. This means that this time we may see the recovery much earlier, so once we close a 1D candle above the 1D MA50, we will turn bullish again, targeting 46000 (Channel's top and below the minimum +31.73% of Bullish Legs patterns).
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As you can see, reclaiming the 1D MA50 wasn't enough for either correction to make the index resume the uptrend, even closing above the 0.786 Fibonacci retracement level didn't guarantee it. What did form the index' bottom however, was the 1D RSI touching the 30.00 oversold limit (green circle).
At the moment the index is rebounding off such an RSI test. This means that this time we may see the recovery much earlier, so once we close a 1D candle above the 1D MA50, we will turn bullish again, targeting 46000 (Channel's top and below the minimum +31.73% of Bullish Legs patterns).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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