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Markets continue to push higher with no fear of tapering or literally anything else. US markets are leading the upside pressure but it’s not really helping markets elsewhere. Asian stock indices finished the trading day lower and despite a few stock markets still open, it looks to be a completely red day. The NIKKEI is closing up the day and is down 0.25% at the moment and is trading near 15611. It is a bit surprising considering the amazing run the Asian stock markets have had of late but for binary options traders, be sure to keep focused on the fact that the current support levels have withheld a few assaults and looks to be holding strong.

What this means for binary options traders is that despite some pressure to the downside, the index still looks very strong. Most volume on indices isn’t focused on the Nikkei, but that could change. 15112 is the current support level, but considering the directional bias of the market, we are doubtful that the index will even test this level in the coming days. It is far more likely that the Nikkei index will head higher and test the resistance level of 15800. However, we are saving that level for a break strategy. On a more local level, 15655 is a resistance we are looking to see broken.

Reversal strategies with binary options can use this level clearly with small and short term trades. The behavior of the index is such that there might likely be a fair number of tests of this resistance level well before any break makes its way to a verified move. As such, make use of this pivot level and once a break occurs, be sure to take advantage with a larger and longer expiry trade. Once done, move on to focus on the higher resistance level at 15800 and basically rinse repeat. We expect that the higher resistance at 15800 will break in short order, but we first need to get through 15655 and then see how the behavior of the market reacts.

For the day ahead, no major news is expected which should keep binary options traders focused directly on the charts. The US stock indices may again be a major focal point as the S&P looks to break beyond current resistance levels.

For forex binary options traders, 1.3770 is the resistance level for the EUR/USD. Binary options strategies will be directing trades around this level and possibly to the downside, despite the clear directional bias of the market being upward. The resistance level is our choice of focus as the direction is higher and momentum, according to the indicators (RSI and others). This makes the possibility of a break much higher to the upside and thus makes downside risk much higher as well.

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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