Japan Nikkei 225 Experiencing Further Downward Bias
Nikkei 225 Index is expected to re-test its distribution range low at 20,400 level. The level is also a previous support level.
Supporting Claim for Downward Bias:
- Index Broke below its Uptrend Line (stride)
- Uptrend line has turned into resistance for index ( Bearish )
- Experienced 2x Upthrust (Failure to maintain new high). This potentially means that smart money is distributing at premium levels as "Breakout" traders buy in strength.
20,400 Level Objective based on:
- Previous support established in Mar 2018
- Fibo 1.618% projection
If Nikkei 225 Breaks Below 20,400 Level:
- Distribution Phase is deemed established and index will enter into MARK DOWN phase
- Next objective will be 19,000 level.
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