EWJ Japan Weekly Chart Collapses from Quake Disaster

EWJ Japan weekly chart shows that the negative divergence by the histogram and money flow wanted the price to fall before the Japan disaster occurred. RSI and stochastics, however, were agreeable to see another matching price high after the February high. Once the Japan quake hit and subsequent disaster, all bets were off and the price collapsed. 9.8 has given price its first sturdy hope at support. A strong support zone exists between 9.2 and 9.8 so this area will help stop the bleeding.

Look for price to establish a sideways move as the weeks tick off using the blue S/R lines shown as a sideways channel. The chart was rolling over similar to most U.S. indexes, sectors and equities nowadays, so the earthquake, and disaster, simply hurried the process along and dropped the price immediately. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.