Market Brief: Nikkei 225 and Asian Markets Extend Gains

Nikkei 225 News

Asian markets started extended the gains for the second day after a strong finish in Wall Street. Coronavirus infection and death rates are dropping in Europe, while Austria and Denmark are easing the lockdown measures imposed. Health officials warned that the infections would peak in New York and New Orleans in the coming days.

Nikkei 225 ended 2.01% higher at 18950; the Singapore Straits Times is 3.38% higher at 2554. The Shanghai Composite is 2.05% higher at 2820, while the Hang Seng Index is 1.85% higher at 24198. ASX 200 closed down 0.65% at 5252 after the Reserve Bank of Australia kept the interest rates unchanged at 0.25% and forecasted a large contraction n the economy in the second quarter.

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Nikkei 225 On Positive Foot

Nikkei 225 ended 2.01% higher at 18950, mirroring the strong gains in the U.S. session. Japan, Leading Economic Index, came in at 92.1, beating the forecasts of 90.4 in February. The Coincident Index registered at 95.8, above the expectations of 95.1.

On the technical side, the first resistance for the index stands at 19162 the daily high. The next resistance stands at 19316 the high from March 31 session. If the Nikkei 225 index moves higher, the next supply zone is at 19540 the high from March 25.

On the flip side, first support seen at 18553 today’s low, if the index breaks below, the next support will be met at 17,819 the low from yesterday’s trading session. If the selling continues below that level the next support zone stands at 17216 low from March 24.

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