Japan 225 Index (N225.JP): Channel Trade
Published On: 26 August 2024, 10:00 AM | Jun Yuan Kwong, Dealer
Key Entry Price Pivot(s):
- 38210
- Short at level 38210
- Take Profit at 37570
- Stop Loss at 38645
- Long at level 38650
- Take profit at 38930
- Stop loss at 38300
- Observing the 4-hour chart of the Japan 225 Index, we can see that the price is in an uptrend channel.
- However, the price pulled back when it reached its previous high, which is a strong resistance level. A potential double top might be forming.
- Currently, the price is rejecting the resistance of the channel and, we may see the price extending towards the support of the channel and towards the 200 EMA.
- Traders can potentially look to take a short trade when a significant bearish bar forms at the channel resistance. This indicates that the price might be rejecting the channel resistance and suggests that the price may extend towards the channel’s support.
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