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Trade Setup: NIKKEI225 Looking for the Correction

Interval: Daily

trade-setup-nikkei225-on-correction-19.03.2013
The Japanese average is trying to break 12600. But it only managed to consolidate itself in a rectangle, under the resistance. The market might wait for the Monetary Policy Meeting of BOJ to see what measures the new governor, Haruhiko Kuroda, will take. If they will not start taking action and add monetary stimulus then we might see a drop back to the local support, or even lower to a key level at 11500.

The RSI and ROC, of 28 periods, are in divergence with the price action, signaling bearish reversal. This setup is based on a potential correction that will take NIKKEI225 back to a support zone between 11000 and 11500 levels.

Confirmation Level: 12225.57

Take Profit: 11558.14

Stop Loss: 12576.59

Move Stop Loss on break even if 11900 is hit.

Trade Setup: NIKKEI225 Looking for the Correction by
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