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Nikkei- Topping pattern at a critical price point?

Courtesy of Chris Kimble

The Nikkei 225 now finds itself at its “Half Way” point of the 20-year crash, based up 1989 highs and 2009 lows. Could it be creating a topping pattern or major reversal at a critical price point? What this important index does at a key price zone could end up impacting stocks in the states and around the world?

Below looks at the chart patterns of the Nikkei 225 over the past 30-years on a monthly basis-

The chart above highlights that the Nikkei 225 is at its 50% Fibonacci retracement level of its 1989 highs and 2009 lows as well as testing it’s 1997 highs at the same time at (3). While testing this key retracement level, the Nikkei could be creating a bearish reversal pattern (bearish wick pattern) at (3).

While the Nikkei is testing what could be an important price point, London & France could be testing the tops of rising channels at the same time.

Last week the Power of the Pattern highlighted that London and France could be testing 800-pound resistance lines. See post HERE

The trends in the Nikkei, FTSE 100 & CAC-40 remain up, as one week’s price action does not change that trend!!!

Why you see chart pattern analysis with brief commentary:   There is a ton of news and opinions about markets and stocks that make the decision-making process more difficult than it needs to be.   

I believe the Power of the chart Pattern provides all you need to see what is taking place in an asset and determine the action to take. 

This approach has worked well for me and our clients and I encourage you to test it for yourself.

Receive my free research posted on the blog daily here. 

Or,  send an email if you would like to see sample research and take me up on a trial of my premium or weekly research where I provide actionable alerts on breakouts and reversals in broad market indices, sectors, commodities, the miners and select individual stocks.

Email services@kimblechartingsolutions.com  

Website: KIMBLECHARTINGSOLUTIONS.COM.


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