Asian stocks on the bullish side, Nikkei nearing 24,000

Trade war tensions are taking a break and Chinese stocks are rallying for as much ground as they can.
Elsewhere across Asia, the good mood is continuing to a lesser extent, and investors are buckling down for the upcoming FOMC rate call.

Joshua Gibson FXStreet

Asian equities are generally on the upside for Wednesday, recovering ground after falling back for a little while on renewed trade war tension between the US and China.

Chinese markets are experiencing a much-needed continuation of a recent recovery rally, climbing back towards 8-week highs with Hong Kong's Hang Seng index bumping up 1.65% while Shanghai's CSI 300 index clips into a comparable 1.60%.

Elsewhere in the Asia session, stocks are more subdued, with Australia's ASX 200 index relatively flat at 0.06% and the MSCI broad Pacific-Asia index is in the green by 0.25%.

Japan is seeing a sluggish day, with the Nikkei 225 index pushing up a sedate 0.20% while Tokyo's leading Topix index sits at -0.43%.

Nikkei 225 levels to watch

The Nikkei 225 is bumping into the 24,000 major level, a short trip away from 2018's ceiling at 24,120, while support remains thinning out at the major previous resistance level at 23,000, with a near-term bottom at the last swing low of 22,170.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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