Nikkei 225 – Extended bears eye Fibo support at 21762
|NIKKEI 225
Nikkei is sharply lower on Wednesday, extending pullback from new multi-year high at 23420 into fifth straight day. Bearish acceleration through strong support at 22035 (daily Kijun-sen) and psychological 22000 support pressures next pivotal point at 21762 (Fibo 38.2% of 19080/23420 ascend) and would generate strong bearish signal on break. Negative sentiment that extended from the Wall St on Tuesday persists and could drive the price further down. Falling daily RSI is currently at the mid-point and shows plenty of room at the downside, however, bears may take a breather as strongly oversold slow stochastic warns of correction, but so far without firmer signal. Bears could travel to 21250 (50% of 19080/23420) on sustained break below 21762 trigger. Broken 20SMA marks solid resistance at 22125, ahead of session high at 22320 and south-turning 10SMA (2250), which is expected to cap extended upticks.
Res: 22000; 22125; 22320; 22500
Sup: 21830; 21762; 21585; 21250
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.