Technical Analysis and Outlook
Japanese stocks concluded trading session positive on Oct 10, with the Yen currency holding onto the previous day's advance; however, it was only once the wall street opened did the fun begin for the trading day. Today Oct 11 Nikkei Index did react with a negative bias as one were to expect by plunging 315 points or (-3.89%).
The Index did peel-off from its Index Rally 24420 completion, All-Time High 24448 printed on Oct 2, and Key Resistance 24270.
Currently, we see Leg 2 approaching primary Key Support 22316, while the market may very well proceed all the way down to secondary Key Support 21862.
The Key Support 22316 level may hold at this level: however, the dive towards secondary Key Support 21862 or thereabouts in the interim is not to be taken lightly.
Japanese stocks concluded trading session positive on Oct 10, with the Yen currency holding onto the previous day's advance; however, it was only once the wall street opened did the fun begin for the trading day. Today Oct 11 Nikkei Index did react with a negative bias as one were to expect by plunging 315 points or (-3.89%).
The Index did peel-off from its Index Rally 24420 completion, All-Time High 24448 printed on Oct 2, and Key Resistance 24270.
Currently, we see Leg 2 approaching primary Key Support 22316, while the market may very well proceed all the way down to secondary Key Support 21862.
The Key Support 22316 level may hold at this level: however, the dive towards secondary Key Support 21862 or thereabouts in the interim is not to be taken lightly.