nikkei 225 maintain bullish bias above 16150 support 1825112016
Daily Outlook, Friday 05 Aug 2016 (Click to enlarge charts) What happened earlier/yesterday The Japan 225 Index (proxy for the Nikkei 225) has push up […]
Daily Outlook, Friday 05 Aug 2016 (Click to enlarge charts) What happened earlier/yesterday The Japan 225 Index (proxy for the Nikkei 225) has push up […]
The Japan 225 Index (proxy for the Nikkei 225) has push up as expected from the 16000 pivotal support and al hit the first target/resistance zone of 16320/400 (printed a high of 16360 in today’s early Asian session, 05 August).
Please click on this link for a recap on our previous daily short-term technical outlook/strategy.
Pivot (key support): 16150
Resistances: 16540 & 16780
Next support: 16000
Maintain bullish stance with a tightened pivotal support. As long as the 16150 daily short-term pivotal support holds, the Index may see a further push up to test the next resistance at 16540 and a break above 16540 is likely to propel the index higher towards 16780 (the minor swing high area of 27 July 2016 – formed before the last BOJ’s monetary meeting).
On the other hand, failure to hold above the 16150 short-term pivotal support is likely to negate the preferred bullish tone for another round of decline to retest the significant support at 16000 (this week’s swing low).
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