Up Nearly 60% in Six Months, Nikkei Has Reached Our 14K Price Target for 2013
Last December when the index stood at 9,700, some 30% lower, we then specifically noted the Nikkei had completed a very bullish technical break-out and suggested it could hit as high as 14K during 2013.
We had no idea it would take a mere four months to reach that price target.
As can be seen in the chart below, the Nikkei is approaching 14K as of last night (futures hit 14K this morning), which represents trend-line resistance off the 1989 all-time and 2007 global credit bubble highs.
What now for the index?