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Nikkei surged more than 3% from yesterday's low on upbeat market sentiment. It hit a high of 36875 at the time of writing and is currently trading around 36564.
The headline US CPI declined to 2.5% y/y compared to a forecast of 2.6%, while core CPI came in line with an estimate of 3.2%. The lesser-than-expected decline in US CPI has reduced the chance of 50 bpbs rate cut by Fed.
The index holds below the short-term 34 and above 55 EMA and below the long-term moving average (200- EMA) in 4-hour chart.
The near-term resistance is around 37147, any violation above will take the index to 37500/37695/38000. Overall bullish continuation only above 42550.
On the lower side, immediate support stands around 36400, any breach below will drag the index down to 36175/36000/35870. Further bearishness is only below 35000.
Indicator (4- hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to sell on rallies around 36980-37000 with SL around 37500 for TP of 35000.
