Friday, 29 April 2016

Nikkei big picture, 2015 peak at 32 year old trend channel resistance, key support nearby

Monthly chart shows that the Nikkei's 2015 peak occurred at the top of a down trend channel that has captured market action for 32 years. The February low is key, coinciding with nearby potential trend lines support.

Weekly chart shows a different nearby trend line which offers potential support, echoing the monthly chart suggestion that the February low is key. Below that, the Nikkei will likely enter a new protracted plunge.