YM: technical analysis

YM, H4

On the 4-hour chart, the instrument is trading in the lower Bollinger band. The price remains above the EMA65, EMA130 and SMA200 that are directed up. The RSI is approaching the border of the oversold zone. The Composite is testing from below its longer MA.

YM, D1

On the daily chart, the instrument is trading in the upper Bollinger band. The price remains above its moving averages that are directed up. The RSI is about to test from above its longer MA. The Composite is falling, having broken down its longer MA.

Key levels

Support levels: 26700.0 (local lows), 26400.0 (local lows), 26050.0 (local lows).

Resistance levels: 27150.0 (local highs), 27400.0 (July highs).

Trading tips

The downward correction is likely to continue.

Short positions can be opened from the level of 26700.0 with targets at 26400.0, 26050.0 and stop-loss at 26880.0. Validity – 3-5 days.

Long positions can be opened from the level of 27400.0 with the target at 27900.0 and stop-loss at 27150.0. Validity – 3-5 days.

Scenario

  • Timeframe

    Weekly

  • Recommendation

    SELL STOP

  • Entry Point

    26700.0

  • Take Profit

    26400.0, 26050.0

  • Stop Loss

    26880.0

  • Key Levels

    26050.0, 26400.0, 26700.0, 27150.0, 27400.0

Alternative scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY STOP

  • Entry Point

    27400.0

  • Take Profit

    27900.0

  • Stop Loss

    27150.0

  • Key Levels

    26050.0, 26400.0, 26700.0, 27150.0, 27400.0