NIKKEI close to giving another sell signal.

Μαύρη μέρα .. μαύρη εβδομάδα …
July 25, 2018
Σε αναμονή
July 26, 2018

Greetings everyone, last week on Twitter I posted my view on NIKKEI while it was trading around 22700. I was bearish and opened a short position.

 

Price initially moved higher but the bearish divergence and the bearish wedge pattern price was in, kept me comfortable short and with the view to add to my short position.

 

Soon after the wedge pattern broke down.

 

I remained short and took some profits around 22400.

 

I did not want to be greedy. So what now? I expect a new sell signal to come in NIKKEI as I believe we should expect one more leg lower towards 22k.

The recent high at 22650 can be used as stop. Confirmation of the break down will come with a push below 22500. I look to take profits around 22275 and 22000.

 

Thank you for taking the time to catch up on my thinking.

 

 

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.