nikkei 225 daily outlook thurs 08 oct 17980 is the key short term support to watch for a continuatio
(Click to enlarge chart) What happened yesterday The Japan 225 (proxy for the Nikkei 225) has drifted lower as expected and almost met the upper […]
(Click to enlarge chart) What happened yesterday The Japan 225 (proxy for the Nikkei 225) has drifted lower as expected and almost met the upper […]
The Japan 225 (proxy for the Nikkei 225) has drifted lower as expected and almost met the upper limit of the downside target at 17980 (printed a low of 17985).
Thereafter, it has reversed up and retested Tues, 06 October 2015 high at 18425 before trading sideways during the European/U.S. sessions. Please click on this link for a recap on our previous daily outlook.
Pivot (key support): 17980
Resistance: 18425 & 18740
Next support: 17750 (weekly pivot)
Based on the above mentioned technical elements, the Index is likely to resume its upside movement in place since 29 September 2015 low. As long as the 17980 daily (short-term) pivotal support holds, the Index may see a push up to retest the minor swing high at 18425 before targeting the next resistance at 18740.
On the other hand, a crack below the 17980 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 short-term ascending channel in place since 29 September 2015 low).
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