Tuesday, 30 July 2013

Nikkei testing key trend line support on daily chart, weekly and monthly charts bearish

Daily chart shows that the market is approaching a test of key trend channel support. The futures (illustrated) point to the Nikkei opening lower this morning, down to 13490ish  from yesterday's close of 13661.

The longer term picture is bearish.

Weekly chart shows a completed bearish megaphone.

Monthly chart shows a long term down trend.