The Nikkei Index had left the positive trend channel after forming a diamond pattern. It fell on the support at 20.600 (fib retracement 61.8%) and rebounded on this level.
Since march 26 it has risen with volatility and reached the lower limit of the trend channel.
It took some days to break through this resistance and it is still not for sure that it´ll stay inside the channel.
Watching the indicators RSI and ADX - they signal a positive trend. This is why I think NIKKEI will remain in the channel.
If so it should climb up to 22.760 and close a gap (feb 06).
This is a hard resistance and we´ll see if there is enough momentum to come further.
Stop:
If the Index falls back well under the lower limit of the trend channel and / or breaking through the neckline of the diamond pattern at 20960.
Since march 26 it has risen with volatility and reached the lower limit of the trend channel.
It took some days to break through this resistance and it is still not for sure that it´ll stay inside the channel.
Watching the indicators RSI and ADX - they signal a positive trend. This is why I think NIKKEI will remain in the channel.
If so it should climb up to 22.760 and close a gap (feb 06).
This is a hard resistance and we´ll see if there is enough momentum to come further.
Stop:
If the Index falls back well under the lower limit of the trend channel and / or breaking through the neckline of the diamond pattern at 20960.
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