nikkei index forecast-heading towards 16800

nikkei index forecast may 2013

nikkei 225 index today closed at 15627 with gains of 246 points or 1.6%.on daily chart we can see after BOJ twisting effect market set on bull run.and every day inching higher and only taking intermittent support of week average last 25 weeks time frame nikkei 225 index from 9300 to now 15600 almost doubled and in upcoming time rally will get intense on sharp short covering and furious speculative demand pressure.

for month of may 2013,15400 is support for now and on upside till end of this month expect 16800 as next target zone which is 1200+ points long from current level.below 16400 must exit short term long positions as consolidation/correction phase will trigger here.

nikkei 225 index  on yearly chart from 1984 to may 2013 showing channel breakout and heading towards 25k levels which are 1989-1990 highs of this Japanese index.

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Pramod Baviskar

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