nikkei 225 daily outlook for 21 jan potential short term setback 88172015

  Key elements The Index is coming close to the top of the short-term ascending channel at 17600/17700 which is also a Fibonacci cluster. The […]


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By :  ,  Financial Analyst
January 20, 2015 5:03 PM
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By :  ,  Financial Analyst

Nikkei 225 (1 hour)-daily forecast 21 Jan 2015

 

Key elements

  • The Index is coming close to the top of the short-term ascending channel at 17600/17700 which is also a Fibonacci cluster.
  • The lower boundary of the short-term ascending channel now stands at 17200
  • The Stochastic oscillator has reached its “extreme” overbought level.

Key levels

Pivot (key resistance): 17600/17700

Support: 17200 & 16900

Next resistance: 17950

Conclusion

As long as the 17600/17700 daily pivotal resistance is not surpassed, the Japan 225 Index (proxy for the Nikkei 225) is likely to shaped a short-term decline towards 17200 with a  possible maximum limit set at 16900

On the other hand, a break above 17600/17700 is likely to see the continuation of the bullish trend to target 17950 next.

Disclaimer

The information contained in this material is intended for general circulation only.  It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs.  Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.  All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.

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