Nikkei holding below descending trendline, facing bearish pressure
Nikkei is holding below descending trendline and reacting below 61.8% FIbonacci retracement at our Pivot. A short term drop towards Key Fibonacci confluence zone and first support could be possible. We have 100% Fibonacci extension, -27.2% Fibonacci retracement and 50% Fibonacci retracement lining up at this zone. Price is holding below moving average as well.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.