nikkei 225 daily outlook thurs 17 sep bullish tone remains intact above 1826018140 support 132286201

(Click to enlarge chart) What happened earlier The Japan 225 (proxy for the Nikkei 225) has staged the expected pull-back below the 18320 short-term trendline […]

(Click to enlarge chart)

What happened earlier

The Japan 225 (proxy for the Nikkei 225) has staged the expected pull-back below the 18320 short-term trendline resistance and whipsawed around the previous daily (short-term) pivotal support at 18000.

Yesterday at the U.S. session, the Index has managed to break above the 18320 short-term resistance. Please click on this link for a recap on our previous daily outlook.

Key elements

The former short-term trendline resistance is now pull-back support (in dotted green) at 18260.
The hourly (short-term) Stochastic oscillator has dipped back into its oversold region which suggests that the pull-back in price action seen this morning is coming close to its potential reversal point where the Index is likely to resume its prior upside movement.
The next significant short-term resistance will be at 18740 which is the 09 September 2015 swing high @2pm

Key levels (1 to 3 days)

Intermediate support: 18260

Pivot (key support): 18140

Resistance: 18740

Next support: 17830/17710

Conclusion

As long as the 18260/18140 significant support zone holds, the Index is likely to see another round of potential upswing to target the 18740 resistance.

However, failure to hold above the 18140 daily (short-term) pivotal support may see a slide to retest the 15 September 2015 low at 17830 and even the 17710 weekly pivotal support (click here for more details).

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