NIKKEI - higher interest rate causing another crash ?

9 Mar

This is a weekly chart of the NIKKEI 225.
The Japanese index has been trading in a channel which was confirmed last summer with the massive swing up and down due to the unexpected increase of the interest rate by the BOJ.
After that price continued above the midline and turned lower after the latest interest rate decision earlier this year.
Another meeting of the BOJ is scheduled for March 18th, but the next raise of the interest rate probably won't happen before later this year.
Just looking at this chart, the NIKKEI could be on its way to the lower trend line again and I am considering a buy in the 33-34k area.

10 Mar

Not

14 Mar

Not

fake out or change of trend ?

20 Mar

Not

27 Mar

Not

looks like this was a 0.618 retrace and it is going lower:

28 Mar

Not

already 3 fib levels lower.

31 Mar

Not

back to the old trend line, 1h RSI went down to 10. Expecting a bounce here.

4 Nis

Not

got close enough to the target in pre-market

6 Nis

Not

went below the channel to the 200W SMA. Support holding so far, but probably not tomorrow in Asia session: