NIKKEI, Daily Chart Analysis 7/16

INDEX:NKY   Nikkei 225 Index
Implications and Outlook
1. Friday the Thirteenth is almost certainly not that fortunate for many. However, that didn't appear to be the situation for the equity markets. Asia stocks built on Thursday's gains with core market segments more potent throughout the region. The Nikkei Index finished way up plus 1.85%, with only a bit added in by the minus 0.4% decline of the Yen currency.

2. The index further medium-term bullish momentum did hit Mean Resistance at 22696 and is a most likely to turn downwards for the time being.

3. With this impressive rally, the disruption on Mean Resistance of 22696 will undoubtedly bring intermediate short-term bullish implications, having upside target to inner Index Rally 22825, and Mean Resistance of 23000, with further assault on completed Index Rally/May's high resting at 23050.

4. Current Index Strategy Bias: Bullish 60 / Bearish 40


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