nikkei 225 daily outlook for fri 14 aug eyeing the 2085020960 significant range top 1027792015
<p>(Click to enlarge chart) Key elements The intermediate swing low of the Japan 225 (proxy for the Nikkei 225) stands at 20470 which corresponds closely […]</p>
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Key elements
- The intermediate swing low of the Japan 225 (proxy for the Nikkei 225) stands at 20470 which corresponds closely with the 38.2% Fibonacci retracement of the recent up move from 12 August 2015 low@10pm to 13 August 2015 high @3pm.
- The hourly Stochastic oscillator has started to inch up from its oversold region which implies a revival of upside momentum.
- The short-term significant resistance stands at the June/July 2015 rang top at 20850/20960.
Key levels
Intermediate support: 20470
Pivot (key support): 20380
Resistance: 20680 & 20850/20960
Next support: 20050 (weekly pivot)
Conclusion
Short-term technical elements are still positive which advocate for a potential push up to target 20680 before the aforementioned range top at 20850/20960, holding above the 20470/20380 key support.
However, a break below the 20380 daily pivotal support is likely to damage the bullish tone to see a deep slide to retest the 20050 weekly pivotal support.
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