Long Nikkei 225 setup with momentum remaining bullish
Nikkei 225 futures look terrible on the dailies, with a shooting star candle followed up by a big bearish candle on Friday, completing an evening star pattern. Convention suggests downside risks are building, but I’m not going to follow convention today.
Sitting just above the 50-day moving average, a decent long setup has presented itself, especially with USD/JPY moving off its lows in early Asian trade. RSI (14) and MACD continue to generate bullish signals, making me more inclined to buy dips, bolstering the case for longs.
You could buy around these levels with a tight stop below the 50-day moving average for protection, targeting 38425 initially. A break of that level may bring a push towards 40000 into play.
Good luck!
DS
Sitting just above the 50-day moving average, a decent long setup has presented itself, especially with USD/JPY moving off its lows in early Asian trade. RSI (14) and MACD continue to generate bullish signals, making me more inclined to buy dips, bolstering the case for longs.
You could buy around these levels with a tight stop below the 50-day moving average for protection, targeting 38425 initially. A break of that level may bring a push towards 40000 into play.
Good luck!
DS
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