nikkei 225 daily outlook for tues 07 apr risk of a pull back above1950019360 before another round of
<p>(Click to enlarge chart) What happened earlier The Japan 225 (proxy for the Nikkei 225) has managed to break above the 19180 short-term upside trigger […]</p>
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What happened earlier
The Japan 225 (proxy for the Nikkei 225) has managed to break above the 19180 short-term upside trigger level and drifted up towards our expected target at 19580.
Please click on this link for more details on our last daily outlook.
Key elements
- Price action has started to evolve within a shorter-term ascending channel (in dark blue) in place since the low of 01 April 2014.
- The upper and lower boundaries of this shorter-term ascending channel stands at 19850 and 19360 respectively. Also, 19850 confluences with a Fibonacci projection level.
- The hourly Stochastic oscillator is now coming close to the “extreme” overbought level with current price action right below the horizontal resistance at 19580 that has capped the Index twice on 27 March 2015 and 31 March 2015.
Key levels
Intermediate support: 19500
Pivot (key support): 19360
Resistance: 19580 & 19850
Next support: 19200
Conclusion
Below 19580, risk of a pull-back below first towards the intermediate support at 19500 with a maximum limit set at the 19360 daily pivotal support before another potential rally materialises to target 19850.
On the other hand, failure to hold above 19360 may negate the bullish tone for a slide towards the next support at 19200.
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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