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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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...If the dots don't connect, gather more dots until they do...




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Wednesday, June 05, 2013

Nikkei on its way to 12600?...or 11500?

It looks like Japan's Nikkei e-mini Futures Index (NKD) may well be on its way down to its next confluence support level of 12600, as I discussed in my post of May 24th, and as shown on the Weekly chart below. There is the potential for a bearish 3 Black Crows candle pattern to form, depending on where this week's candle closes. A close near its low this week, technically, portends further weakness.

A failure to hold that level, could send it down to 11500ish, or lower.

***UPDATE Thursday, June 6th @ 12:30 pm EDT: Here's an update of the Weekly chart of the NKD as of today's continued drop...low of the day, so far, is now 12310...low of the day, so far, on USD/JPY is now 95.89.