Asian markets are trading mixed mostly on the lower side after a flat close in US markets . US and China trade war is the major event which is dragging global equity markets. Chinese market has shown decline of more than…
Asian markets are trading mixed mostly on the lower side after a flat close in US markets . US and China trade war is the major event which is dragging global equity markets. Chinese market has shown decline of more than 1% today after minor recovery . It is currently trading around 2815. US markets closed slightly higher with Dow Jones 24270 (0.23% higher) and S&P500 2718 (0.08% higher).USD/JPY which is the main indicator of geo political tension has shown a good recovery of 150 pips from low of 109.36 and this shows that investors slightly ignoring trade war tension.US futures is trading marginally higher with Dow Jones at 24347 (0.33% higher) and S&P500 2723 (0.10% higher). Nikkei is currently trading around 22260 0.36% lower.
USD/JPY has broken major resistance of 110.90 high made on Jun 15th 2018. The pair hits high of 111.06 and is currently trading around 110.90.
On the lower side, index major support is around 22200 (200- day MA) any break below will drag the index down till 22000/21800.
The near term resistance is around 22420 (55-day EMA) and any convincing break above will take the index to next level till 22615 (20 day MA)/22800.
It is good to buy on dips around 22150-200 with SL at 21980 for the TP of 22620.
