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Weekly Price Action Setups & Key Levels | Apr 10-15
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 bearish plays this week.
EU Stoxx 50 – False Break Setup, Potential ST Reversal (4hr chart)
Since the 30th of March, the EuroStoxx 50 has sold off a few hundred points while hanging below the dynamic resistance and 20 ema, rejecting twice thus far.
After hitting a monthly low around 2850 last week, the European index bounced strongly clearing out the 2878 resistance and potentially forming a false break setup.
If the index falls back to 2878 and it holds, then a potential bounce towards 2921 would be on the cards. A break above the 20 EMA and 2921 level would put the next major resistance on notice around 2987.
Any selling from this higher level would first attack 2921, and then go for the lows around 2850. However breaking back above 2987 would put the yearly highs of 3100 into play.
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