6 Jan 2015
Nikkei plunges to 3-Week Lows
FXStreet (Mumbai) - The Japanese equities index opened with a negative gap of 307 points tracking overnight losses from Wall Street, lower crude oil prices and a stronger yen.
The benchmark Nikkei 225 index slumped by -2.85%% or 496 points at 16912, compared to previous session’s close of 17408.71. The index edged lower as falling oil prices hurt energy stocks on the index, knocking the index to fresh three week lows.
The index breadth is negative with all members on the losing end. SCREEN Holding Co Ltd, Tokyo Seikan Group and Inpex are the major losers on the index, each losing over 6%.
Nikkei Technical Levels
The index has an immediate resistance stands at 17K above which gains could be extended to 17274.23 (Dec 18 High) levels. Meanwhile, support is seen at 16819.73 (Dec 17 Close) and from here to 16600 levels.
The benchmark Nikkei 225 index slumped by -2.85%% or 496 points at 16912, compared to previous session’s close of 17408.71. The index edged lower as falling oil prices hurt energy stocks on the index, knocking the index to fresh three week lows.
The index breadth is negative with all members on the losing end. SCREEN Holding Co Ltd, Tokyo Seikan Group and Inpex are the major losers on the index, each losing over 6%.
Nikkei Technical Levels
The index has an immediate resistance stands at 17K above which gains could be extended to 17274.23 (Dec 18 High) levels. Meanwhile, support is seen at 16819.73 (Dec 17 Close) and from here to 16600 levels.