Nikkei 225 Index is re-testing the broken uptrend line. But the decreasing volume is showing that the re-test is weak. The 100-day moving average can be followed as resistance and if Nikkei continues to stay below this level, bearish pressures may rise. The 200-day moving average can be a good target for the down moves for the short to medium term, at least at the beginning.
As for the bulls, the passing of the 100-day moving average will not be enough for another uptrend. Nikkei must pass the red short-term trend line too before testing the previous top.
