By Jason Sen
| Stock Markets
| Jan 31, 2013 11:30AM GMT |
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.
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