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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

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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).