nikkei 225 daily outlook for wed 29 apr medium term bullish trend remains intact 540062015
<p>(Click to enlarge chart) What happened yesterday The Japan 225 (proxy for the Nikkei 225) has broken below the 19970 daily pivotal support and drifted […]</p>
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What happened yesterday
The Japan 225 (proxy for the Nikkei 225) has broken below the 19970 daily pivotal support and drifted lower. Our short-term bullish view has been invalidated (please click on this link to review our previous daily outlook).
Note: Japan stock market (cash) will be closed for national holidays from today, 29 April 2015 to 06 May 2015 (Wed).
Key elements
- Price action is now coming close to the lower boundary (support) of the medium ascending channel (in brown) at 19770.
- The 19970 support also confluences with a Fibonacci cluster (61.8% Fibonacci retracement from 18 April 2015 low to 23 April 2015 high + 1.00 Fibonacci projection from 23 April 2015 high to 28 April 2015 high.
- The hourly Stochastic oscillator has flashed a bullish divergence signal
Key levels
Pivot (key support): 19770
Resistance: 20130
Next support: 19500 (weekly pivot)
Conclusion
The medium term bullish trend remains intact for the Index. As long as the 19770 daily pivotal support holds, the Index may see a recovery to target 20130 in the first instance.
However, failure to hold above 19770 may damage recovery scenario for a slide towards the 19500 weekly pivotal support.
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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