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Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (5883.6). One of the previous maximums of Chikou Span line is expected to be a resistance level (5997.4).

On the daily chart Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (5670.3). The closest resistance level is Tenkan-sen line (5803.0).

Recommendation

Short trades can be opened as soon as we get a confirmative signal from Chikou Span line (the line should cross the price chart). Presumable entry point is 5780.0, Take Profit – 5747.0, Stop Loss – 5798.0.

Scenario

Timeframe Intraday
Recommendation SELL
Entry Point 5780.0
Take Profit 5747.0
Stop Loss 5798.0
Key Levels 5750.0, 5760.0, 5780.0, 5797.5
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