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Nikkei points to a lower open - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The Nikkei 225 fell 1.04% or 203 points, ending at 19,492.60 on Tuesday, tracking Wall Street losses at the beginning of the day, further weighed by a continued decline in crude oil prices. The index traded as low as 19,222, and aims to open around 19,360, its lowest in three weeks.

    Nikkei technical perspective

    “The daily chart shows that the index has broken below its 200 DMA after failing to rally beyond the 20 SMA, now far above the current level, and that the technical indicators head strongly lower after crossing their mid-lines towards the downside, anticipating some additional declines for this Wednesday”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index is below its moving averages, with the 20 SMA having accelerated its decline below the 100 SMA, and the technical indicators resuming their declines in negative territory, in line with the longer term outlook”.

    Support levels: 19,310 19,222 19,140. Resistance levels: 19,414 19,490 19,557.
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