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Nikkei hovers near weekly lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Nikkei 225 edged lower on Tuesday, losing 76 points to end the day at 18,374.00, with local investors still sensible to developments in China. Japanese stocks extended their declines and hold near a fresh 2-month low, in a choppy trading session as investors were looking for fresher clues following Monday's sell-off.

    Nikkei technical perspective

    “Technically, the daily chart shows that the index remains near its weekly low and far below a bearish 100 DMA, while the 20 DMA has accelerated its decline above the largest. In the same chart, the technical indicators have retreated from their mid-lines, but lack directional strength”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators have corrected the extreme oversold readings reached earlier this week and are currently losing their upward slopes within bearish territory, while the 20 SMA has accelerated its decline and now offers a dynamic resistance around 18,530”.

    Support levels: 18,325 18,240 18,160. Resistance levels: 18,415 18,530 18,625.
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