nikkei 225 daily outlook for fri 13 mar bullish tone remains intact eyeing 1947019500 next 316042015
<p>(Click to enlarge chart) What happened yesterday The Japan 225 (proxy for the Nikkei 225) has managed to stage a rally as expected from the […]</p>
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What happened yesterday
The Japan 225 (proxy for the Nikkei 225) has managed to stage a rally as expected from the 18750 daily pivotal support and met our target at 19190/19250 earlier this morning.
Please click on this link for more details on our previous daily outlook.
Key elements
- The upper boundary of the intermediate term ascending channel in place since 14 January 2015 stands at 19500.
- The hourly Stochastic oscillator is coming close to the “extreme” overbought level which highlights the risk of a pull-back.
- The lower boundary of the shorter-term ascending channel (in dark blue) in place since 11 March 2015 is at 19200.
- The 19100 support also corresponds closely with the 23.6% Fibonacci retracement from 10 March 2015 low to the current 13 March 2015 high.
Key levels
Intermediate support: 19200
Pivot (key support): 19100
Resistance: 19470/19500
Next support: 18890
Conclusion
The bullish trend remains intact despite hitting our earlier shorter-term targets at 19190/19250. As long as the 19100 daily pivotal support holds, the Index is likely to shape another potential push up to target 19470 (2.618 Fibonacci projection from 10 March 2015 low to 11 March 2015 low)/19500 (lower limit of the weekly target).
On the other hand, failure to hold above 19100 may negate the bullish tone to see a slide towards the next support at 18890.
Disclaimer
The information contained in this material is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.
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