Nikkei 225, Kospi and Nifty 50 Forecasts – Asian Markets Mixed on Wednesday

Nikkei 225 Technical Analysis

The Nikkei 225 has gone back and forth during the trading session here on Wednesday as it looks like the 66,000-yen level is going to offer a little bit of a barrier. I think some type of pullback from here is a very real possibility, and that could open up the possibility of offering a little bit of value. The 50-day EMA sits right at the 60,300-yen level. All things being equal, this is a market that is a little overextended. A bit of a pullback makes sense.

Kospi Technical Analysis

The Kospi in South Korea is doing much the same thing as it touched 8400, but it looks like it is ready to pullback a bit. It does make a lot of sense that we would see a little bit of a pullback after the move that we have had. The markets around the world continue to see a lot of money flowing into artificial intelligence and that has helped semiconductors in South Korea over the last several months. At this point, I think we’re just extended. A pullback makes sense. I’d be very interested somewhere around 7600 if I get an opportunity to buy there.

Nifty 50 Technical Analysis

The Nifty 50 in India continues to be very noisy as we continue to struggle with the 50-day EMA. If we can break above the 24,000 level, then maybe we can go looking to the 24,450 level. If we drop from here, the 23,685 level is an area that we may test to fill the gap. Breaking down below there then opens up a little bit of a downward move towards the 23,250 level. Ultimately, this is a market that’s very choppy and noisy, but as the Asian indices go, the Nifty 50 still looks like it’s a bit of a laggard, so keep that in mind.