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Nikkei poised to open lower - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Nikkei 225 closed Wednesday sharply higher, up by 2.72% or 467 points, to end at 17,163.92. The rally in the Tokyo Stock Exchange tracked previous Wall Street's gains, this last, based on solid crude oil prices.

    The advance was led by export-oriented shares, particularly electronic producers, and automakers, these last boosted by reports that Toyota is considering taking full control of Daihatsu. The index is poised to open lower barely above the 17,000 mark, as Wall Street dived into the red following FOMC's statement.

    Nikkei technical perspective

    “Technically, the daily chart shows that the benchmark retreated sharply from a bearish 20 SMA at 17,387, while the RSI indicator has lost upward strength and turned flat around 41, anticipating further declines for the upcoming session”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart however, the index stands a handful of points above its 20 SMA while the technical indicators aim higher, but in neutral territory, limiting chances of a short term advance”.

    Support levels: 16,892 16,882 16,805. Resistance levels: 17,086 17,197 17,272.
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