Nikkei 255 update on 26 Oct 2017

Click to enlarge http://twineer.com/5q08

There are a few key highlights in trading Nikkei 255 in late Oct. The 30 mins chart show the relative strength index (RSI) is producing bear momentum. We use trend line and fibonacci retracement to project the short term target price in next few days.

The upward trend line draw from 19 Oct has been broken and the fibo 0.5 has been respected. The key level 0.236 (21788.5) being tested again and if this level holds, the next bear target will be somewhere between 0.5 fibo and 200 MA (around 21550). A more aggressive bear target will up to 700 pips and we will talk about it in the next update. However, a fail in safeguarding 21788.5 will result in a stop in going short.