nikkei 225 daily outlook fri 09 oct bullish trend remains intact above 18015 support 1523512015
(Click to enlarge chart) What happened yesterday The Japan 225 (proxy for the Nikkei 225) has inched slightly lower but still managed to hold above […]
(Click to enlarge chart) What happened yesterday The Japan 225 (proxy for the Nikkei 225) has inched slightly lower but still managed to hold above […]
The Japan 225 (proxy for the Nikkei 225) has inched slightly lower but still managed to hold above the 17980 daily pivotal support as expected.
Please click on this link for a recap on our previous daily outlook.
Pivot (key support): 18015
Resistance: 18425, 18470 & 18960
Next support: 17750 (weekly pivot)
We adjust the daily (short-term) pivotal support to 18015 to reflect the current minor “higher low” in price action seen on 29 September 2015 @1pm. As long as the 18015 pivotal support holds, the Index is likely to see a further potential upleg to retest the 07 October 2015 high at 18425 before 18740 and even the upper limit of the ascending channel/5th wave target, 0.618 Fibonacci projection at 18960.
However, failure to hold above the 18015 pivotal support may negate the bullish tone to see a further slide to test the 17750 weekly pivotal support (pull-back support of the “Descending Wedge” bullish breakout and the lower limit of the ascending channel.
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