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Nikkei upside favored - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The Japanese Nikkei advanced 109 points and closed Tuesday at 18,982.23, with Asian share markets led higher by a continued advance in Australian equities, up by the eighth day in-a-row. Japanese stocks rose in another choppy session, characterized by bargain hunting, as the index opened lower following the previous Wall Street's decline.

    Nikkei technical view

    “The index has advanced further in electronic trading, and recovered above its 100 SMA in the daily chart, now nearing a strongly bearish 20 SMA at 19,174 the immediate resistance. In the same chart, the technical indicators head higher, but are still below their mid-lines, limiting chances of a stronger rally”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the index has extended above a now bullish 20 SMA, while the technical indicators are partially losing their upward strength, but hold well into positive territory, favoring a new leg higher for this Wednesday”.

    Support levels: 19,045 18,952 18,882 Resistance levels: 19,174 19,25 19,315

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