Nikkei technically neutral after directionless moves - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The Japanese Nikkei lost 29 points or 0.16%, ending Tuesday at 18,886.70, with choppy trading extending throughout the session due to the absence of clear catalyst. The Tokyo exchange will remain closed this Wednesday, as the country celebrates the Emperor's Birthday holiday, pointing for a quiet session across the financial world.

    Nikkei technical perspective

    “The index has barely moved in after-hours trading, and the daily chart shows that it held below its 100 DMA that maintains a bearish slope, while the technical indicators have lost their bearish strength, but remain below their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the Momentum indicator has advanced further higher within bearish territory and is about to cross the 100 level towards the upside, but the 20 SMA continues heading strongly south well above the current level, and the RSI indicator lacks directional strength around 47, giving not much clues on what's next for the index.”

    Support levels: 18,834 18,770 18,692. Resistance levels: 18,922 18,991 19,080.
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