Nikkei points to a negative opening, hold bullish tone - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The Nikkei 225 fell 73 points or 0.37%, ending the day at 19,938,13 on Wednesday, as investors decided to take some profits out of the table as the index remained unable to firm up above the 20,000 mark.

    The index however, plunged after the close following Wall Street, and points to open in the 19,800 region this Thursday.

    Nikkei technical perspective

    “Trading slightly lower in the week, the daily chart shows that the index holds to its bullish trend, as it holds above a bullish 20 SMA, currently around 19,721, the immediate support. In the same chart, the Momentum indicator remains flat above the 100 level, while the RSI indicator heads lower around 57, limiting the upside at the time being”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the index is now below a horizontal 20 SMA, while the Momentum indicator hovers around its 100 level and the RSI indicator heads lower around 43, increasing the risk of a bearish continuation on a break below the mentioned support”.

    Support levels: 19,721 19,632 19,546. Resistance levels: 19,865 19,940 20,010.
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