Nikkei index ended higher today as markets try to stabilize after the recent macroeconomic data has raised fears of a recession. Investors now increase bets on another interest-rate cut by the Fed by the end of month. The Hang Seng turn lower, and as of writing gives up 1.00 at 25.845 while Aussie stocks finished higher the ASX 200, ended 0.37% higher at 6,517.
Nikkei 225 finished 0.32% higher at 21,410 as traders await later today the NFP data from US that will provide fresh clues on the direction of the markets in the upcoming week.
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Nikkei Support and Resistance
The Nikkei managed to rebound from the sharp loses yesterday keeping the positive momentum, as the index holds above all major daily moving averages. On the downside immediate support stands at 21,276, today’s low and then at 21,217 the 100-day moving average. A break below that level might accelerate the selloff down to 20,800 the low from September 5th. On the upside resistance for the Nikkei 225 stands at 21,410 today’s high, a break above, will set the stage for a move up to 22,180 the high from May 7th, which will open the way for a move up to yearly highs at 22,360.