nikkei 225 daily outlook for fri 22 may bullish trend remains intact above 2010019980 643582015
<p>(Click to enlarge chart) What happened yesterday The Japan 225 (proxy for the Nikkei 225) has drifted lower and whipsawed around the 20200 daily pivotal […]</p>
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What happened yesterday
The Japan 225 (proxy for the Nikkei 225) has drifted lower and whipsawed around the 20200 daily pivotal support.
Please click on this link for a recap on our previous daily outlook.
Key elements
- The Index continues to trade higher within an ascending channel (in dark blue) in place since 07 May 2015 low.
- The upper (resistance) and lower (support) boundaries of the ascending channel stands at 20540 and 19980 respectively.
- The 20540 resistance also coincides with the 1.618 Fibonacci projection from 07 May 2015 low to 14 May 2015 low.
- The hourly Stochastic oscillator has dipped into the oversold region.
Key levels
Intermediate support: 20100
Pivot (key support): 19980
Resistance: 20400/20440 & 20540
Next support: 19830
Conclusion
Despite yesterday’s price action, we still maintain our bullish stance on the Index holding above 20100/19980 for a potential upswing towards 20400/20440 and even 20540 next.
On the other hand, failure to hold above the 19980 daily pivotal support is likely to damage the short-term bullish trend in place since 07 May 2015 low for a decline towards the next support at 19830.
Disclaimer
This report 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 email, 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, a trading name of GAIN Capital Singapore Pte Ltd.
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