Wednesday, November 18, 2015

Nikkei holds a positive technical perspective

FXStreet (Córdoba) - The Nikkei 225 recovered its previous weekly losses, advancing 239 points, or 1.22%, to close at 19,630.63 on Tuesday, tracking the previous advance in Wall Street.

A weaker yen helped exporters gain, albeit all sectors closed in positive territory. Also, speculation that the BOJ will have to extend its stimulus program after the latest disappointing GDP readings, fueled the advance.

Nikkei technical view

“Technically, the daily chart shows that the index advanced further after the close, and stands at levels not seen since mid August, with an overall positive tone coming from technical readings”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, and according to the 4 hours chart, the 20 SMA is turning higher around 19,600, but the Momentum indicator advanced above previous highs and maintains its bullish tone, whilst the RSI indicator also heads higher around 64, supporting some further gains for this Wednesday”.

Support levels: 19,763 19,685 19,593 Resistance levels: 19,862 19,940 20,038.
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