Nikkei 10564 gave a SELL signal in July 07 at 17,500. Recent Buy signal 9000 in May and July 09. 10ema (10119) > 20ema (10015). SELL signal was almost triggerd again in November when the Nikkei retested the 9000 level for the 3rd time. A break and Weekly close below 9000 would be Bearish and indicate a retest of 7000. A weekly close above 10700 will signal a move up to 12000
A Bearish engulfing candle on the last day of 2009 is signalling anothe revesal at 10700 . 10ema(10413) > 20ema(10233). The Nikkei has moved up 1600pts since the low 9100 on Thursday 26th November, 22 days ago. Last time the Nikkei spike above 10700 on Thursday 27th August, it fell 1000pts in 22 days.
Watch for support Support at 10200 and 9700.
Buy 10200 Target 10700 Stop 10100
Short 10650 Target 10200 Stop 10750
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