nikkei 225 potential corrective rebound in progress 1842692017
Short-term Technical Outlook (Wed, 25 Jan 2017) (Click to enlarge chart) What happened earlier/yesterday The Japan 225 Index (proxy for the Nikkei 225 futures) has […]
Short-term Technical Outlook (Wed, 25 Jan 2017) (Click to enlarge chart) What happened earlier/yesterday The Japan 225 Index (proxy for the Nikkei 225 futures) has […]
The Japan 225 Index (proxy for the Nikkei 225 futures) has managed to stage the expected rebound right at 18800/700 minor support zone as highlighted in our latest weekly technical outlook report published on this Monday, 23 January 2016 (click here for a recap).
The rationale for this anticipation is derived from intermarket analysis from USD/JPY and the potential impending bullish breakout on the S&P 500 (which took place yesterday).
Intermediate support: 18930
Pivot (key support): 18860
Resistances: 19280 & 19380/440
Next support: 18650
The Index may see a further slide towards 18930 with a maximum limit set at the 18860 short-term pivotal support before a potential up move materialises to target the 20 January 2017 minor swing high area of 19280 before 19380/440.
On the other hand, failure to hold above 18860 may negate the preferred bullish tone to see a further slide to retest the 18 January 2017 swing low at 18650.
Charts are from City Index Advantage TraderPro
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