11 Dec 2014
Nikkei extends decline, down 1%
FXStreet (Mumbai) - The Japanese equities index trades weak for the fourth straight session tracking overnight Wall Street’s losses, stronger yen and downbeat Japanese data.
Nikkei trades -1.13% down at 17216.50 levels at time of writing, rebounding from day’s low of 17036.50 hit in the early Asian hours. Continued slide in global equities and yen’s sharp rise against US dollar is hurting the Japanese index. Moreover, weak Japanese machinery orders data which showed a decline of 6.4% well below the market forecasts for a decline of 1.7% also added to losses in Nikkei.
COMSYS Holdings Corp, Inpex Corp, Shimizu Corp, and Kajima Corp are declining 1 to 2 %. Among the stocks that bucked the trend, Sekisui House Ltd and Maruha Nichiro Corp moved 1 .67% and 1.02% respectively.
Nikkei Technical Levels
The index has an immediate resistance stands at 17248.72 (5-day SMA) above which gains could be extended to 17359.31 (10-day SMA) levels. Meanwhile, support is seen at 17108 (Nov 21 Low) and from here to 16904.77 (200-day SMA) levels.
Nikkei trades -1.13% down at 17216.50 levels at time of writing, rebounding from day’s low of 17036.50 hit in the early Asian hours. Continued slide in global equities and yen’s sharp rise against US dollar is hurting the Japanese index. Moreover, weak Japanese machinery orders data which showed a decline of 6.4% well below the market forecasts for a decline of 1.7% also added to losses in Nikkei.
COMSYS Holdings Corp, Inpex Corp, Shimizu Corp, and Kajima Corp are declining 1 to 2 %. Among the stocks that bucked the trend, Sekisui House Ltd and Maruha Nichiro Corp moved 1 .67% and 1.02% respectively.
Nikkei Technical Levels
The index has an immediate resistance stands at 17248.72 (5-day SMA) above which gains could be extended to 17359.31 (10-day SMA) levels. Meanwhile, support is seen at 17108 (Nov 21 Low) and from here to 16904.77 (200-day SMA) levels.