Asian indices are trading mixed while Nikkei 225 ended in positive foot for the fourth consecutive trading session as traders turn cautious after the expected meeting between US President and Chinese President to sign the phase one trade deal could be delayed until December as negotiations continue over the trade terms. The Hang Seng index ended 0.38% lower at 27,583; the Shanghai Composite is 0.01% lower at 2,979. Australian stocks rebounded sharply; the ASX 200 ended 1.00% higher at 6,726.
Nikkei 225 finished 0.11% higher at 23,330 at fresh yearly highs. Bank of Japan the previous week kept its monetary policy steady as expected. Nikkei 225 boosted by Olympus Corp. +15.184%, Toyobo Co. Ltd. +6.67%, GS Yuasa Corp. +6.55%, and Dowa Holdings Co. Ltd. +6.10%.
Don’t miss a beat! Follow us on Telegram and Twitter.
Nikkei 225 Support and Resistance Levels to Watch
The Nikkei index ended at 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 hovers at 76.43, an overbought level that might trigger profit-taking.
On the upside, first resistance for the Nikkei benchmark stands at 23,336 today’s high, a break above will open the way for a move up to 23,352 yesterday’s high and then at 23,527 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 23,253.3, today’s low, a break below might drive prices down to 22,625 the previous resistance that now has turned into support while a Breach of that 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 0.04% higher at 109.01 the Aussie dollar trades 0.07% higher at 0.6889, while NZDUSD trades 0.03% lower at 0.6366 versus US Dollar. Gold trades lower around $1,486, while WTI crude oil is 0.46% higher at $56.61 per barrel.More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.