nikkei 225 daily outlook for wed 22 jan coming close to support for a potential upleg 88542015

What happened today The Japan 225 (proxy for the Nikkei 225) has managed to hit our downside target at 17200 as expected. Please click on […]


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By :  ,  Financial Analyst

Nikkei 225 (1 hour)-daily forecast 22 Jan 2015What happened today

The Japan 225 (proxy for the Nikkei 225) has managed to hit our downside target at 17200 as expected. Please click on this link to review our previous daily outlook.

Key elements

  • The 17090/16900 support levels corresponds closely with the 50% and 61.8% Fibonacci retracement from 16 January 2015 low to 20 January 2015 high.
  • The Stochastic oscillator has exited from its oversold region.

Key levels

Intermediate support: 17090

Pivot (key support): 16900

Resistance: 17600/17700

Next support: 16530

Conclusion

As long as the 16900 daily pivotal support holds, the Japan 225 Index (proxy for the Nikkei 225) is likely to shape an upswing towards our weekly target at 17600/17700 (upper boundary of the “Symmetrical Triangle”.

However, a violation below 16900 may see a push down 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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