By Jason Sen
| Stock Markets
| Jan 31, 2013 11:32AM GMT |
Topix is struggling to push higher for test of monthly Fibonacci resistance at 948/955. With the market severely overbought it may be wise to take profit on longs here and see if we pull back in the early part of February for another buying opportunity. However if we do push higher through 956, the next target is 966 and then 2011 highs of 976 which should cause a few problems for bulls.
Initial support is 928 but below here 919/916 should hold a slide today. However longs need a stop below 911 for 905, possibly 901/899 with a floor expected here at this stage if tested.
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