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Tried A Long Trade in Nikkei At the 100 SMA, But the Decline Doesn’t Seem to End
The Nikkei is ending the week on a softer note, as fears surrounding domestic and global growth are still evident amid the escalating virus situation in Japan and the US. The stronger yen also weighed on exporters, as we see USD/JPY fall to 104.00 level.
On the week, the Nikkei is seen down by over 4%, more than any other major index. Elsewhere, the Hang Seng is down 0.3% while the Shanghai Composite is keeping higher by 0.2% in a bit of a mixed session for Chinese equities today. China’s economy is well and running, so there’s no reason for Chinese stocks to be bearish.
The broader picture paints a more cautious and defensive risk tone in Asian trading this week. For today, US futures are keeping calmer near flat levels but Nasdaq futures are higher after earnings beats from key tech giants overnight. But the Nuikkei225 is still slipping lower.
We decided to go long yesterday at the 100 SMA (green) on the daily chart, since it was providing support on the daily chart. But that moving average has been broken today as the sentiment has deteriorated further for this index and it fell around 400 points lower overnight.
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