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Nikkei holds the positive tone - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Nikkei 225 found support in a weaker yen, and closed the day up by 1.28% at 16,960.16. A generally better market sentiment during the Asian session, following rising oil prices and positive data in the US on Wednesday, supported most of the local indexes, with the Shanghai Composite posting a tepid 0.4% advance.

    Among the best performers was Toshiba, up by 10% after reporting that its asking three key Japanese lenders for additional loans of up to $2.2 billion. The index eased somewhat after the close, tracking the poor performance of US stocks, and is poised to start the day around 16,800.

    Nikkei technical view

    “The daily chart shows that that the index is well above its 20 SMA, while the Momentum indicator is retreating from near overbought levels, whilst the RSI indicator heads slightly higher around 55, maintaining the downside limited,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA has extended its advance above the 100 and 200 SMAs, below the current level, while the Momentum indicator has turned lower within positive territory, and the RSI indicators consolidate around 66.”

    Support levels: 16,757 16,663 16,548. Resistance levels: 16,905 16,982 17,077.
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