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Index Trade Idea: Nikkei 225 Near Key Support Level, Looking to Buy | Feb 18
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Index Trade Idea: Nikkei 225 – Approaching Key Support Level, Looking to Buy (daily chart)
Price Action Context
In our recent market commentaries, we talked about the Nikkei 225 and noted a potential buy location around the key support level near 22787.
As you can see from the chart below, that level held and produced a very profitable trade setup for over +1000 points.
Congrats to the members who profited from this trade setup.
For now, the structure is still in play, along with the key support level, so am looking to buy on a pullback into the level targeting the recent swing highs.
ST neutral while inside the large corrective structure. MT bullish while above 22787 on a weekly closing basis.
Key Support & Resistance Levels
R: 23884, 24082
S: 22787, 22158
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