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Nikkei downside favored - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Nikkei 25 lost 414 points to close at 17,767.34, extending its decline further after the close following Wall Street's slide. Stocks were on a tear this Thursday, as Chinese shares plummeting spurred risk aversion all through the financial word.

    The Nikkei fell as low as 17,455 intraday, and trades at its lowest since early October, having shed over 1,300 points so far this week.

    Nikkei technical view

    “Daily basis, the bearish momentum has only accelerated with the latest decline, as the technical indicators maintain their sharp bearish slopes, despite being near oversold territory, whilst the 20 DMA is about to cross below the 100 DMA, both with strong bearish slopes”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart also supports another leg south, as the technical indicators have resumed their declines well below their mid-lines after correcting oversold readings, whilst the 20 SMA continues heading lower above the current level, now acting as a strong resistance around 18,000”.

    Support levels: 17,455 17,369 17,263. Resistance levels: 17,626 17,775 17,880.
    For more information, read our latest forex news.
     

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