Nikkei unable to break a key long-term upside resistance
Nikkei is moving inside the Pitchfork downside channel and we are seeing a rejection from 2200 level of the downside support on a weekly chart. This level should be broken for an upside continuation higher. A confirmed break below 2190 level is required for the downside continuation into 2100 which we are having now.
On a daily chart, it is visible that this is giving us a short trading opportunity. You can place a short trade entry with a stop loss above the 2190 level targeting 2100 level and even trailing the profit further downside into 2040 ARMAT trading system is indicating a potential 70 points of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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