nikkei 225 daily outlook for wed 18 mar 19320 remains the support to watch for a potential final pus
<p>(Click to enlarge chart) What happened yesterday The Japan 225 (proxy for the Nikkei 225) has managed to inch higher and made a new high […]</p>
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What happened yesterday
The Japan 225 (proxy for the Nikkei 225) has managed to inch higher and made a new high at 19538. Thereafter, the Index has traded sideways above the 19320 daily pivotal support in the overnight session.
Please click on this link for more details on our previous daily outlook.
Key elements
- Based on Elliot Wave principle, the standard 5th wave target (0.618 Fibonacci projection) from the 10 March 2015 low to 16 March 2015 low (as indicated in yellow boxes) stands at 19730 which confluences closely with upper boundary of the intermediate term ascending channel at 19600.
- The hourly Stochastic oscillator has dipped into its oversold region.
Key levels
Pivot (key support): 19320
Resistance: 19600/19730 & 19800 (weekly pivotal resistance)
Next support: 19090
Conclusion
As long as the 19320 daily pivotal support holds, the Index is likely to see a potential final push up to target the 19600/19730 resistance. But do be cautious as we are approaching the weekly pivotal resistance zone of 19600/19800 (please click on this link for more details on our latest weekly outlook).
On the other hand, failure to hold above 19320 may jeopardise the bullish trend to see a deeper slide towards the next support at 19090.
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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