NIKKEI's expected correction may be over...looking for LONG
We expected a corrective move on NIKKIE, the Japanese benchmark stocks index.
As we mentioned previously we will remain bullish above 19000 area. On the other hand a bearish bais on a daily close below 19014.
Price action in recent 5 days has been fairly corrective. Please bear in mind the NIKKEI AND YEN maintain a -ve co-relation much of the time. After Fed's last week rehtoric market is pricing risk-on mode. We expect YEN to weaken and NIKKIE to put more gains. As of now a bullish hammer is in place @ 19253 support.
Although entering long is lucrative from a purely technical perspective. But we will be bit more conservative and wait for the confirmation of up-move.
Thanks....
Trade with Care....
NOTE : IDEAS ARE PUBLISHED BEARING DAILY TIME FRAME SETUP ONLY...
Price action in recent 5 days has been fairly corrective. Please bear in mind the NIKKEI AND YEN maintain a -ve co-relation much of the time. After Fed's last week rehtoric market is pricing risk-on mode. We expect YEN to weaken and NIKKIE to put more gains. As of now a bullish hammer is in place @ 19253 support.
Although entering long is lucrative from a purely technical perspective. But we will be bit more conservative and wait for the confirmation of up-move.
Thanks....
Trade with Care....
NOTE : IDEAS ARE PUBLISHED BEARING DAILY TIME FRAME SETUP ONLY...
