5 Dec 2013
Nikkei 225 plummets 1.5%, break away gap confirmed
FXstreet.com (Bali) - The Nikkei 225 has been knocked down in post-lunch break, accelerating its losses from a 0.5% down to 1.5% before the close.
It is worth noting the topside failure to fill Tuesday's down-gap, suggesting that unless we see a strong surge on Friday, is dafe to assume the gap may be classified as a 'break away gap' targeting levels between 15,000 big round number and 14,900, 50% fib latest day run.
As noted earlier on the session, in terms of targets, Marc Chandler, Head of FX at BBH sees "the first retracement target near 15120 and also corresponds to the brief congestion area around the middle of November and the 20-day moving average, with the next retracement would project toward 14910, which is around 50% of the advance."
It is worth noting the topside failure to fill Tuesday's down-gap, suggesting that unless we see a strong surge on Friday, is dafe to assume the gap may be classified as a 'break away gap' targeting levels between 15,000 big round number and 14,900, 50% fib latest day run.
As noted earlier on the session, in terms of targets, Marc Chandler, Head of FX at BBH sees "the first retracement target near 15120 and also corresponds to the brief congestion area around the middle of November and the 20-day moving average, with the next retracement would project toward 14910, which is around 50% of the advance."