Nikkei 225 Ends Higher Mirroring Friday’s Wall Street Record Highs

Asian indices ended higher today mirroring Wall Street Friday’s close to record highs, the Nikkei 225 ended in the positive foot after China cut the seven days reverse repo rate to 2.50%. The Hang Seng index trades 1.20% higher at 26,643; the Shanghai Composite is 0.58% higher at 2,908. Australian stocks are trading lower; the ASX 200 is 0.50% lower at 6,758.

Nikkei 225 finished 0.49% higher at 23,416 close to yearly highs as risk appetite for equities returns to markets. Nikkei boosted by Eisai Co. Ltd. +4.42%, Advantest Corp. +3.67%, Recruit Holdings Co. Ltd. +2.27% and Hitachi Zosen Corp. 2.23%.

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Nikkei 225 Technical Analysis Levels

The Nikkei index finished higher for the second session in a row close to 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 hovers at 67.29, close to an overbought level that might trigger profit-taking.

On the upside, first resistance for the Nikkei benchmark stands at 23,420 today’s top, a convincing break above will open the way for a move up to 23,591 yearly high, the next resistance comes at 24,310 high from on October 1st, 2018.

On the downside, first support stands at 23,271.3, today’s low, a break below might drive prices down to 23,072 low from November 14th while a breach of that support level might refuel the bears and target the major support at 22,450 the low from October 23.

In Asian forex markets, USDJPY pair trading 0.14% higher at 108.89 the Aussie dollar trades 0.03% lower at 0.6815, while NZDUSD trades 0.05% higher at 0.6404 versus US Dollar. Gold trades lower around $1,464, while WTI crude oil is 0.16% higher at $57.81 per barrel.More content