Nikkei 225 – Testing Broken LT Support, Now Resistance (Daily chart)

Chris Capre 2ndskiesforex

Price Action Context

Mid-December, the bearish pressure in the index increased, which eventually got too much for the bulls to handle and the index broke through the LT support zone, a zone which we’ve covered in earlier market commentaries.

Trending Analysis

LT bias switched to bearish and pullbacks into the broken support zone, which now should act as resistance can offer potential trading locations for bears.

Key Support & Resistance Zones

R: 20 320 – 21 100
S: 16 900 – 17 500

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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