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Friday, February 08, 2013

Japan's Nikkei Trading Within Resistance Confluence Zone

I last wrote about Japan's Nikkei E-mini Futures Index on January 23rd.

Since then, price continued to rally through the Fibonacci resistance confluence zone, attempted a breakout at its upper level, which failed, and is now trading in the midst of that zone, as shown on the Weekly chart below.

We'll see whether their Central Bank's/government's aggressive asset purchase/fiscal program continues to support this rally to propel (and, more importantly, hold) price above the next Fibonacci confluence resistance zone at 11670 to a potential (Fibonacci confluence) target at 12670. Near-term support lies at 10900ish (a Fibonacci confluence level).