The Nikkei pushed on towards resistance at 11219 for profit taking but we have fallen just short at 11190. It is close enough and there is a high chance of a top for the 6 month rally here.
However a sharp collapse in not expected, rather a drift lower to 11010/11000 initially but below here look for 10899. This should hold on the first test sop look for a low and a bounce back may be to 11010. If we do break lower however next target is excellent support at 10810/10788. This should provide a floor for the correction at this stage.
11190/11219 is our resistance band which should be very tough to beat so we watch for a high here again today. Ideally, this being such a big level we need to use a stop above the 2010 high of 11390.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.