• Nikkei 225 reversed from resistance area
• Likely to fall to support level 29000.00
Nikkei 225 index recently reversed down with the daily candlesticks reversal pattern Shooting Star Doji from the resistance area lying between the pivotal resistance level 30450.00 (which stopped the previous sharp upward impulse waves 5 and (3) in the middle of February ) intersecting with the upper daily Bollinger Band. The downward reversal from this resistance area started the active minor ABC corrective wave 2.
Given the proximity of the resistance level 30450.00 and clear weakening of the daily Momentum – Nikkei 225 index can be expected to fall further toward the next support level 29000.00 (target for the completion of the active wave 2 – intersecting with the daily up channel from November).