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Nikkei hovers near three-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Asian equities closed higher, with the Nikkei 225 adding 268 points and ending the day at 20,012.40, its highest in over three months.

    A weaker yen also helped investors to look past tepid Chinese manufacturing data, although the Japanese index failed to extend its gains in after-hours trading. Despite Wall Street's advance, the benchmark is poised to open a few points below the 20,000 mark.

    “Technically, the daily chart shows that it has recovered after approaching a bullish 20 SMA, while the technical indicators are bouncing from their mid-lines, favoring some further advances ahead”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the index continues developing above a horizontal 20 SMA, while the technical indicators aim higher above their mid-lines, supporting the longer term outlook”.

    Support levels: 19,942 19,879 19,839. Resistance levels: 20,012 20,100 20,185.
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