Nikkei 225, Hang Seng 50 and Nifty 50 Forecasts – Asia Continues to See Interest

Nikkei 225 Technical Analysis

The Nikkei 225 is bullish again on Thursday as we continue to extend from the previous consolidation area. We are now knocking on the door of 63,000 Yen, although we are giving back a little bit in what is probably an overbought scenario.

What I look for in this market is a bit of a pullback that I can take advantage of. I’ll be looking to get on the right-hand side of the V as I buy the pullback and the subsequent bounce, assuming it does, of course, happen. Regardless, though, I don’t have any interest in shorting the Nikkei 225; it looks far too strong, and I do think we get to 64,000 Yen.

Hang Seng 50 Technical Analysis

The Hang Seng in Hong Kong is running into a little bit of a trouble spot right around 26,650 and is in the process of forming a little bit of a double top. If it pulls back from here, the 26,250 level would be an area I’d be looking for support, followed by the 50-day EMA.

The Hang Seng has been a little bit of a laggard when it comes to Asian indices, so it’s not a huge surprise to see that it might be the first one to pull back. Nonetheless, I don’t like shorting it, I like buying dips here as well as the entirety of Asia really seems to be doing reasonably well.

Nifty 50 Technical Analysis

There is one outlier in India, and the Nifty 50, of course, is running into trouble at the 24,450-rupee level, pulling back a little bit, and this to me looks like consolidation as well. It doesn’t look like the market is going to fall apart, it just looks like it’s going to struggle to truly take off. It may need to consolidate a little bit, maybe bounce off of the 50-day EMA a couple of times before it starts to break to the upside and challenge the 200-day EMA.

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