Nikkei Forecast for 3rd June 2013

nikkei

Nikkei failure to beat tricky resistance at 14100/120 saw us then break 13540/530. The weekly close below the 6 month trend line starts this week on a negative. Failure to beat 13680/720 keeps the market under pressure to retest last week’s low of 13420. A break lower this week could target the next support at 13180. Exit shorts & try longs here as we should start to look oversold at this stage but, with stops below 13000.

Above 13720 could allow a move up towards 13893, possibly 14000/050. May be wise to exit longs here & try shorts up to 14186 with stops above 14300.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More