I have been noticing that this Nikkei rally is slowly running out of steam. It has struck me that the pattern that is emerging is very similar to that of the S&P 500 back in May 2010.
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Wednesday, 23 March 2011
Asian Markets
A run down of the other markets I trade in Asia and some potential setups:
The Hang Seng has recovered back above the key support line with a strong closing candle and follow through. There is still a lot of work to be done before position traders can buy this market for a breakout. However, shorter term traders should be looking to get long round these levels with stops below this key support. A failed breakdown is bullish
The Hang Seng has recovered back above the key support line with a strong closing candle and follow through. There is still a lot of work to be done before position traders can buy this market for a breakout. However, shorter term traders should be looking to get long round these levels with stops below this key support. A failed breakdown is bullish
Asian Morning Thoughts
Problems with my Data provider again this morning so this will have to be a quick post.
US markets were pretty lacklustre overnight and appear to be in a clear flag in the very short term. Despite my caution yesterday, we could be looking at a great base pattern forming under 1300. Be prepared to buy a short term breakout targeting 1310 and possibly higher. Equally, the open gap at 1285 needs to hold to keep the bullish scenario intact so shorts should be triggered at this level for a move back down to the 60s.
US markets were pretty lacklustre overnight and appear to be in a clear flag in the very short term. Despite my caution yesterday, we could be looking at a great base pattern forming under 1300. Be prepared to buy a short term breakout targeting 1310 and possibly higher. Equally, the open gap at 1285 needs to hold to keep the bullish scenario intact so shorts should be triggered at this level for a move back down to the 60s.
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