KOSPI, NIKKEI 225 and NIFTY 50 Forecast – Asian Indices Sitting at Support

KOSPI Technical Analysis

The KOSPI in South Korea has shown itself to be resilient as short-term pullbacks have offered buying opportunities and now, I think we’re just going to continue to see a lot of buy on the dip behavior going forward.

The 5,800 level is the top of the gap and I think if we can break above there, it’s likely that we could see this market looking to the 6,300 level.

The 50-day EMA offering support does suggest, at least in theory, that you could be looking at a market that’s very much in an uptrend and probably stays there. I like buying value.

Nikkei 225 Technical Analysis

The Nikkei 225 gave back most of the gains it had made on Friday, but it is stubbornly supported right around 54,500 Yen. Therefore, I think this is still a buy on the dip market, but it is starting to soften a bit, so I’ll be watching.

If we can break down below the 53,500 level, then we will probably drop another 2,000 Yen or so.

To the upside, I think there is definitely a barrier here in the form of the 50-day EMA and 56,000 Yen. If we can clear 56,000 Yen, this thing could take off to the upside.

Nifty 50 Technical Analysis

The Nifty 50 is sitting right at massive support in India at the 24,450 Rupee level. If this holds, it might be a nice buy on the dip opportunity. If it doesn’t, India could fall apart.

It is a pretty bearish looking chart, but what’s interesting is we’re at an area that’s been tested multiple times.

If it’s going to turn around, it’s right here, so I am definitely watching to see if there’s a bounce. It might be worth having a go at the long side.

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