JPN225 (The Nikkei) slowly being squeezed to the upsideTake a look at the daily chart - the flat top and an upward sloping trendline. You would agree that for the past 4 months, a slow squeeze to the upside has been happening. Price is now also above the 200dma and this gives me a bullish bias. Ideally, price being contained in the upper part of the triangle would be another factor of confluence. Another one or two bounces off the trendline will add more confirmation. The situation will become clearer in the next few days and continued build up to the bullish side will motivate me to go long with 42,400 as target.
This is not a trade recommendation, merely my own analysis. Trading carries a high level of risk, so only trade with money you can afford to lose and carefully manage your capital and risk.
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It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
