Nikkei long-term uptrend channel breakout resistance test
On the Monthly Nikkei chart, we can see that the instrument is testing long-term uptrend Andrew’s Pitchfork channel 28300 resistance breakout test. Rejection from this resistance could lead to a deeper correction lower if we will not have a breakout this month. For this uptrend from 2009 to continue we need to see a clear confirmed break above indicated level.
On an H8 chart, we can see an uptrend modified Pitchfork channel formed and a test of the median line 27800. A bounce here is required for a good risk to reward long-trade entry possibility. A break below this level could lead to a deeper pullback to key channel support 27000. You can wait for a pullback or a price action bounce here to take the long trade. Short trade could be an option on a confirmed break below 27000
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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