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Nikkei poised to open above 16,000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Nikkei 225 closed down 215 points at 15,836.36 on Wednesday, with most Asian share markets closing in the red following the previous decline in crude oil prices, which spurred fears of another sell-off in equities. Chinese indexes, however, closed in the green after the PBoC set the USD/CNY fixing higher to 6.5237, up 0.16% compared to the previous day.

    The index rebounded in after-hours trading, as European and American indexes closed in the green, and the Japanese benchmark is poised to open the day above the 16,000 level.

    Nikkei technical view

    “From a technical point of view, the daily chart shows that the technical indicators continue to lack upward strength within bearish territory, while the index remains far below its moving averages, indicating the longer term outlook is still bearish”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index is still trading above a bullish 20 SMA, which provided support on an early decline, while the technical indicators have turned lower within positive territory, limiting chances of a stronger advance”.

    Support levels: 15,944 15,810 15,727. Resistance levels: 16,177 16,305 16,450.
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