November 19, 2008

Bullish only if trades > 9k!

Nikkei 225(8273) Near term trend:Negative
I said "Nikkei has fair chance to comeback with corrective rally, at lasting till the year end, based on observations on weekly/daily charts ; on the upside close above 9601 is important". However the last few trading sessions the Index has shown "confused" trading signals and is barely able to float above the 0.50%-0.618% fib retracement levels (8260-7961) mentioned as supports in the previous updates. I withdrew the "corrective" rally call, and will turn bullish only if it able post weekly close above 9k. On the downside once 7960 is taken, the index may retest the recent lows.