In the previous report (13th May -13953), I said, expect a continuation of the uptrend till 14390; stop for the bulls is placed at 13620.
Since then, the index has managed to float above the stop of 13620(even today) while achieving high of 14601, as against target of 14390.However; the trading is confined to a 'narrow’ range of 13700-14400 for quite some time. Now this standoff is likely to get resolved in the near future, may be in favor of the bears.
It seems that the bulls are loosing control over the market after a sharp rise of over 23% since Mar lows. The weakness is also evident from the faster retracement of the last segment (13810-14469)-see chart. The upside is caped at 14300; while on the downside 13620 will be crucial, once broken, expect 12858.June 24, 2008
Target 12858...
Nikkei (13857) Intermediate trend: Bearish
In the previous report (13th May -13953), I said, expect a continuation of the uptrend till 14390; stop for the bulls is placed at 13620.
Since then, the index has managed to float above the stop of 13620(even today) while achieving high of 14601, as against target of 14390.However; the trading is confined to a 'narrow’ range of 13700-14400 for quite some time. Now this standoff is likely to get resolved in the near future, may be in favor of the bears.
It seems that the bulls are loosing control over the market after a sharp rise of over 23% since Mar lows. The weakness is also evident from the faster retracement of the last segment (13810-14469)-see chart. The upside is caped at 14300; while on the downside 13620 will be crucial, once broken, expect 12858.
In the previous report (13th May -13953), I said, expect a continuation of the uptrend till 14390; stop for the bulls is placed at 13620.
Since then, the index has managed to float above the stop of 13620(even today) while achieving high of 14601, as against target of 14390.However; the trading is confined to a 'narrow’ range of 13700-14400 for quite some time. Now this standoff is likely to get resolved in the near future, may be in favor of the bears.
It seems that the bulls are loosing control over the market after a sharp rise of over 23% since Mar lows. The weakness is also evident from the faster retracement of the last segment (13810-14469)-see chart. The upside is caped at 14300; while on the downside 13620 will be crucial, once broken, expect 12858.
