Daily Technical Outlook – Asian Index Futures

Nikkei Futures is expected to move in the bearish channel, but still has a potential rebound. Nikkei Futures had test the 9975 low in the electronic session and closed at 10 025. Rebound potential of the Nikkei will test the resistance level of 10070/90 and if unable to exceed this then the Nikkei could go bearish again breaks the 9970 support level to the next support of 9930. The targets resistance level if able to overshoots 10070/90 are 10 120 and 10 145.

Kospi Futures is expected to breakdown the support level of 23% Fibonacci retracement after tested 3 times in 3 days. With KijunSen as resistance at 272.60, if cannot break up, the kospi will go bearish again heading to 270.40 and 269.70 as next support. Technical indicators like RSI and stochastic indicate a bearish potential.

Hang Seng Futures is expected to rebound to a high enough level 21 035. Hang Seng had fluctuated yesterday, but still held above 20 865 support level. This is a strong support level.
Rebound or bullish scenario can occur if prices stay above the support level and move break the 21 035 to KijunSen 21 116. The stochastic indicator is oversold and may support this scenario. However, this scenario is about to fail if the price can’t break the 21 035.
Bearish scenario can occur if Hang Seng moves rebound and failing to break the 21 035 resistance and then will go bearish again, breaking the 20 865 heading to 20 719 and to 20 521. RSI indicators are still bearish supporting the Hang Seng bearish scenario.

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Rakhman Aries

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