nikkei 225 daily outlook for friday 23 jan view unchanged potential push up towards triangle range t

What happened today The Japan 225 (proxy for the Nikkei 225) has rebounded from the intermediate support at 17090 as expected. Please click on this […]


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By :  ,  Financial Analyst

Nikkei 225 (1 hour)-daily forecast 23 Jan 2015

What happened today

The Japan 225 (proxy for the Nikkei 225) has rebounded from the intermediate support at 17090 as expected. Please click on this link for more details on our previous daily outlook.

Key elements

  • The 17600/17700 is the upper boundary of a “Symmetrical Triangle” configuration in play since 05 December 2015 (as per highlighted in our weekly outlook).
  • The RSI oscillator is still holding above the 50% level and its trendline support.

Key levels

Intermediate support: 16900

Pivot (key support): 17090

Resistance: 17600/17700

Next support: 16530

Conclusion

Technical elements are still positive for the Index, thus we have tightened the daily pivotal support at 17090 for a potential push up towards 17600/17700 (weekly target – upper boundary of the “Symmetrical Triangle”).

However, failure to hold above 17090 is likely to invalidate the bullish tone to see a decline to retest the significant weekly support at 16530.

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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