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Nikkei 225 Bulls Hit Another Yearly High

Nikkei 225
Nikkei 225

Nikkei 225 ended in positive foot fo third consecutive session on optimism about the phase one deal between the two superpowers. The Hang Seng index ended 0.04% lower at 27,676; the Shanghai Composite is 0.43% lower at 2,978. Australian stocks finished lower; the ASX 200 ended 0.55% lower at 6,660.

Nikkei 225 finished 0.22% higher at 23,303 on upbeat earnings results. Japan Jibun Bank Services PMI came in at 49.7 below forecasts of 50.3 in October. Bank of Japan the previous week kept its monetary policy steady as expected. Nikkei 225 boosted by Nichirei Corp. +6.54%, Oji Holdings Corp. +4.49%, Maruha Nichiro Corp. +4.39%, and Kawasaki Kisen Kaisha Ltd. +4.31%.

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Nikkei 225 Resistance and Support Levels

The Nikkei index registered fresh yearly highs today as the bullish momentum on global equities persists holding above all major daily moving averages. Longs should closely watch the daily RSI index, which has reached 76.06, an overbought level that might trigger profit-taking.

On the upside, first resistance for the Nikkei benchmark stands at 23,352 today’s high, a break above will open the way for a move up to 23,400 round figure and then at 23,528 the high from October 9th, 2018, breaking above this level, the next resistance comes at 24,310 high from on October 1st, 2018.

On the downside, first support stands at 23,246.6, today’s low, a break below might drive prices down to 22,625 the previous resistance that now has turned into support and then at 22,450 the low from October 23.More content