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Nikkei 225 Lower For Third Day, On US-China Trade Tensions Escalation

Nikkei 225 m
Nikkei 225

Nikkei and Asian equities trading mixed today as China-US trade war seems to intensify on news that the US might prohibit Chinese companies listing on US stock exchanges, above that the political drama in Washington continues. The Hang Seng trading 0.57 per cent higher at 26,104, the Singapore Straits Times index finished 0.25 per cent lower at 3,116, and the Shanghai composite ended 0,66 per cent lower at 2,912. Aussie stocks finished lower; the ASX 200 ended 0.41% lower at 6,688.

Nikkei 225 finished 0.56% lower at 21,755 after mixed macro data; the Japan Housing Starts (YoY) came in at -7.1%, below expectations (-6.1%) in August, Japan Industrial Production (YoY) came in at -4.7% below expectations (-1.8%) in August. Japan Retail Trade (YoY) came in at 2%, beating forecasts of 0.9% in August.

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Nikkei 225 Support and Resistance Levels

The Nikkei registered fresh 2-week lows today at 21,666 but managed to rebound before the ringing bell. The RSI (14) index exit the overbought area with the recent correction and now stands at 58.62. On the downside immediate support stands at 21,666, today’s low and then at 21,208 the 100-day moving average. A break below that level might accelerate the selloff down to 21,177 and the 200-day moving average. On the flipside resistance for the Nikkei 225 stands at 21,812 today’s high, a break above, perhaps 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.

In Asian forex markets USDJPY trading 0.11% lower at 107.81, the Aussie dollar trades 0,13% lower at 0.6753, while NZDUSD trades 0.52% lower at 0.6261 versus USD. Gold trades lower today at 1,491, while WTI crude oil is 0.27% lower at $55.76 per barrel.Download our latest quarterly market outlook for our longer-term trade ideas.

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