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Nikkei points to a negative opening - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Nikkei advanced 368 points to end the Thursday at 16,196.80, tracking oil's gains and the previous advance in Wall Street. But the index began to ease after the release of the EIA report showing record stockpiles in the US, and points to a negative opening for this Friday, below 16,100.

    Nikkei technical view


    “The latest upward move in the benchmark has lost momentum, and the daily chart shows that, while it remains below its moving averages, the technical indicators are resuming their declines within negative territory, pointing for a continued decline during this Friday”, said Valeria Bednarik, chief analyst at FXStreet. “Not yet close to confirm the bearish trend will resume, the line in the sand stands at 15,622, the low posted on Wednesday, as a break below it will likely see the index down towards the 15,000 region”

    “In the meantime, the 4 hours chart shows that the latest retreat is finding intraday support around its 20 SMA, but also that the technical indicators continued hovering near their mid-lines, with no clear directional strength”, Bednarik added.

    Support levels: 16,000 15,944 15,810 Resistance levels: 16,104 16,189 16,305.
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