The Sun is Rising – Here Goes Japan

The Land of the Rising Sun had a dormant stock market for most the post financial crisis recovery until late 2012. But then the sun rose and it took off to the upside, early doubling in a year. But on a more recent time scale the price action has been fairly stable again. The symmetrical triangle that traced out over the back half of 2013 met its price objective before falling back. Since January it has been building an expanding triangle. Very nice symmetry. The test of the top of that triangle resistance this week has several thing s going for it to support a push higher. First the Bollinger bands are opening higher. Second the RSI is rising and making a new higher high. And third the MACD crossed positive a few weeks ago and continues to climb higher. A move over 15550 will confirm a breakout and whatever move it has in store for the next leg. Are you ready for the Sun to Rise Again?

nikk

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