Nikkei 225 Ends Higher Close to Yearly High

Nikkei 225 index finished higher the session after President Trump said that China and US are close to signing a trade deal. The Nikkei 225 index finished 0.28% higher at 23,437.8 just 160 points below the yearly high supported by SCREEN Holdings Co. Ltd. +4.56%, Hitachi Construction Machinery Co. Ltd. +3.78%, Tokyo Tatemono Co. Ltd. +3.76% and Nippon Suisan Kaisha Ltd. +3.28%.

The Hang Seng index trades 0.15% higher at 26,954; the Shanghai Composite is 0.13% lower at 2,903. Australian stocks also ended the session higher; the ASX 200 finished 0.93% higher at 6,850 making fresh all-time high.

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Nikkei 225 Technical Outlook

The Nikkei 225 ended higher for fourth consecutive trading and now is on striking distance from yearly highs. On the technical side, Nikkei follows the bullish momentum for equities around the globe supported by low-interest rates environment. Now Nikkei 225 benchmark needs to clear the resistance at 23,507 today’s high before an attempt up to 23,591 yearly high, if the index breaks above that level next resistance stands at 24,310 the high from October 1st, 2018.

On downside, first support for Nikkei will e met at 23,418., today’s low, if Nikkei breaks below that level next target will be the low from November 18th at 22,767  while a break below will open the way for a move down to the major support at 22,532 the 50-day moving average.More content