30 May Nikkei Index Technical Analysis: Nikkei continues to slide


Equities fall in Asia, following suit with other major bourses around the globe on the back of Italian political tensions. Meanwhile, how does the Nikkei Index trade today? Stay informed with the 30 May Nikkei Index Technical Analysis.

30 May, GKFX – Asia equity indexes are down across the board for Wednesday, with Japan’s Nikkei 225 leading index sliding into the 22,000.00 major level as risk aversion brews in global markets.

Italian political tensions

The hung Italian government that saw the Italian President Sergio Mattarella reject the shaky coalition’s populist candidate for economy minister. With Italy possibly heading to a fresh round of elections, political stability within the Eurozone is being called into question, reverberating through financial markets and sending traders into safe havens, scuttling recent risk appetite.

Australia’s ASK index is down -0.55% for Wednesday, while the Shanghai Composite and Hong Kong’s Hang Seng index are both down -1.70% and -1.50% respectively; Japan’s Nikkei 225 index is also down -1.50% on the day from its opening price.

30 May Nikkei Index Technical Analysis

The Nikkei index was rejected from the 22,500.00 level recently, accelerating the index’s decline from the 23,000.00 major handle, and traders could soon be seeing a replay of the bearish action that took the Nikkei into a low of 20,318.00 in late March.

Risk aversion is sapping further bullishness, and the 23,000.00 major handle, which constrained prices last December, looks set to hold for now, and a bearish continuation from here to could easily fall to 21,500.00 and hit the 50.0 Fibo retracement level, assuming support from the 200-day SMA at 21,700.00 fails to hold.

Disclaimer

This article 30 May Nikkei Index Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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