Wednesday, November 4, 2015

Nikkei short-term technical picture remains bullish

FXStreet (Córdoba) - The Nikkei 225 remained closed on Tuesday on a National holiday, with its latest close at 18,683.24. The index, however, recovered well above the 19,000 in electronic trading, following another good day in Wall Street.

Nikkei technical perspective

“The technical picture remains bullish, with the index heading towards its recent highs in the 19,150/70 region, and with the daily indicators heading strongly up near overbought levels. In the same chart, the 20 SMA offered a strong support earlier this week, and maintains a strong bullish slope in the 18,500 region”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart presents a neutral stance, with the index above a horizontal 20 SMA, and the technical indicators going nowhere right above their mid-lines. Should the index extend its rally above the mentioned 19,170 region, the next critical resistance stands around 19,280 where the 100 and 200 DMAs converge”.

Bednarik sees next support levels at 18,990 18,912 18,820, while she places resistances at 19,110, 19,170 and 19,245.
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