The excitement of the Nikkei
22 July 2011
Monthly Nikkei futures CHART
The wide perspective on the market reveals massive tested support at the 7000-7500 level. The market has bounced from it three times.
Now look closer.
DAILY NIKKEI CHART
The detail of the price action reveals a long sideways piece of price action, on the point of breakout.
The resistance band 10120-10160 due to Fibonacci resistance, and Gap resistance has twice repelled the bulls.
But a successful and confirmed move above 10160 would establish great support beneath the market and ratchet the market up further.
Daily Nikkei futures CHART
Watch the re-approach of the highs carefully.
Cautious bulls will want to wait for a close above 10200.
Once above the 10120-10160 resistance band will be good support.
As too will the Prior Highs 10040 and 10200 be good support.
RATCHETING THE MARKET HIGHER.
Next story:
Next Resistance in Gold 
Previous story:
Dollar Yen looks bearish,but....