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Nikkei 225 Stalled at 23,000, Ends Positive

Dow Jones
Dow Jones

Nikkei 225  continues higher for fifth consecutive session sending the index to fresh yearly highs amid US-China trade deal hopes for signing a deal in November, and better U.S. Q3 earnings results. The Hang Seng index trades 0.36% lower at 26,795; the Shanghai Composite is 0.87% lower at 2,954. Aussie stocks finished higher for seventh consecutive session; the ASX 200 ended 0.07% higher at 6,745.

Nikkei 225 finished 0.47% higher at 22,974 making fresh yearly high touching the 23,000 ut ended the session lower. Japan Tokyo Consumer Price Index (YoY) came in at 0.4% below expectations of  0.5% in October. Nikkei boosted by Nitto Denko Corp. +6.48%, Sumitomo Dainippon Pharma Co. Ltd. +4.25%, Toho Zinc Co. Ltd. +3.71%, and Fujikura Ltd. +3.06%.

Nikkei 225 Resistance and Support Levels

The Nikkei index makes fresh YTD high for fourth consecutive day, as the positive momentum is intact and Nikkei 225 trading above all major daily moving averages. A warning signal for longs might be that the RSI index has reached 76.61 on the daily chart an overbought level that might trigger some profit-taking.

On the upside resistance for the Nikkei 225 benchmark stands at 23,008 today’s top, a break above will open the way for a move up to 23,528 the high from October 9th, 2018, above this level, the next resistance comes at 24,310 the high from on October 1st, 2018. On the flip side, immediate support stands at 22,935.4, today’s low and then at 22.643 the previous YTD high, a convincing break below might drive prices down to 21,328 the 50-day moving average.

In Asian fx markets, USDJPY trading 0.07% lower at 108.86 the Aussie dollar trades 0.19% higher at 0.6851, while NZDUSD trades 0.09% lower at 0.6355 versus US Dollar. Gold trades slightly higher today at 1,493, while WTI crude oil is 0.73 lower at $55.40 per barrel.