Nikkei 225 – Key Resistance Levels Ahead After Impulsive Bounce (4hr chart)
After touching a weekly low around 15.3K last week, the Nikkei staged an impressive 700 point bounce briefly touching 16K before settling back a bit.
The intraday price action structure is corrective at the moment, suggesting the short term momentum favors another attack on 16K. This level is a key resistance so am expecting some offers to attempt to hold it here. If this fails, bears will wait towards 16.3K or 16.4K before trying to push back.
If those levels hold, then expect 16K to be attacked again, but if those fail, then we’ll likely see the Nikkei make a move for 17K. So potential for bullish and …... Keep reading