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Nikkei 225 Retreats On Weak Export data

Nikkei 225
Nikkei 225

Asian indices finished with loses after President Donald Trump threatened to increase tariffs further if China would not agree to a trade deal. The situation gets more complicated after US Senate yesterday passed legislation supporting Hong Kong protesters. The Hang Seng index trades 0.75% lower at 26,887; the Shanghai Composite is 0.78% lower at 2,911. Australian stocks also ended the session lower; the ASX 200 finished 1.35% lower at 6,72.

Nikkei 225 finished 0.62% lower at 23,148 correcting from yearly highs. Nikkei dragged by Nippon Yusen K.K. -4.18%, T&D Holdings Inc. -4.02%, JGC Holdings Corp. -3.71% and Dai-ichi Life Holdings Inc. -3.63%.

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Nikkei 225 Technical Analysis Outlook

The Nikkei index finished lower for the second session in a row following weaker close in Wall Street. On the downside, first support stands at 23,086.1, today’s low, a break below that level might drive prices down to 22,726 low from November 1st while a break of that support level will pave the way for a move down to the major support at 22,450 the low from October 23.

The bullish momentum persists and the index will meet resistance at 23,303 today’s top, a credible close above will open the way for a move up to 23,591 yearly high, before an attempt to the next resistance at 24,310 the high from on October 1st, 2018.More content