If you want to trade the strongest stock in Japan, I think this is it. 9984 JP.
Big picture first. Nikkei didn’t do much in the past few years. However, Softbank group was able to break the 5205 (the resistance of year 2005) and this became the support last 2016. Note as well that a significant resistance of 7000 was pierced as well as 8000. We’ll get to that in the weekly. Just keep in mind that the monthly chart shows a breakout from the monthly consolidation with extensions likely to pierce the 9250 and then finally 9775 as the distance target for the stock.
Softbank Group Daily Candles must stay above the specific support levels of 7630 and 8150 so that this trajectory will not be nullified. Stronger bulls may even be seen at the 8400 levels.
We note there’s a high of 9250 that we’ll need to pierce. People who got the 6900-7000 area entry will likely need to be taken out first hence the consolidation currently. No entry needed for now. Just note primary uptrend is intact and we’ll have to try to time entries near 8000 for a better risk reward. – B
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