Asian markets turn positive on peace talks between Russia and Ukraine

Asian markets have rebounded after witnessing a bloodbath last week.
The risk-on impulse has returned as a repulsive buying, not a reversal.
The odds of sellers returning to their terminals are very high.

Sagar Dua FXStreet

The vulnerable Asian markets have turned positive this week after the turmoil seen in the last week of February. The escalation in the Russia-Ukraine war forced the market participants to ditch the risk-sensitive assets and park their funds into safe-haven assets. Asian stocks take the bullet and nosedive strongly.

The chatters between the Kremlin and Ukraine on Monday to ceasefire brought a fresh wave of risk-on impulse in the market. Although the negotiations ended without any outcome, an initiative for a truce had been welcomed by the market.

Moreover, China’s upbeat Caixin Manufacturing PMI has also supported the Asian markets. The Caixin Manufacturing PMI has printed at 50.4 higher than the previous print of 49.1 and market estimates of 49.3. Despite the lower economic activity in China during the Lunar New Year when factories remain closed, Jinping’s economy has outperformed.

However, the recent surge in the Asian markets should be tagged as repulsive buying, not a reversal. The world is now aware of the arbitrariness of Russian President Vladimir Putin and the man is not going to give up easily despite building up sanctions from the Western leaders. The isolation of Russia from the SWIFT international banking system has crippled its economy by restricting its oil and energy exports.

If any positive development relating to a ceasefire between Russia and Ukraine flashes then the Asian markets will move north like there is no tomorrow. Until it happens, the odds of sellers returning to the terminals soon are very high.

Nikkei 225

Overview
Today last price	26671.69
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	26671.69

Trends
Daily SMA20	27063.94
Daily SMA50	27773.42
Daily SMA100	28363.41
Daily SMA200	28511.01

Levels
Previous Daily High	26934.77
Previous Daily Low	26505.5
Previous Weekly High	27047.37
Previous Weekly Low	25577.04
Previous Monthly High	27860.8
Previous Monthly Low	25577.04
Daily Fibonacci 38.2%	26669.48
Daily Fibonacci 61.8%	26770.79
Daily Pivot Point S1	26473.2
Daily Pivot Point S2	26274.72
Daily Pivot Point S3	26043.93
Daily Pivot Point R1	26902.47
Daily Pivot Point R2	27133.26
Daily Pivot Point R3	27331.74

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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