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Nikkei further declines expected

FXStreet (Córdoba) - The Japanese Nikkei fell 1.11% and closed the day at 18,234.74, weighed by Chinese trade balance data, lower oil prices and some profit taking after last week's gains.

The biggest winner was Sharp Corp. that rose over 10.0% on reports that a Japanese government-backed fund is considering different options to help the struggling company, including direct investment.

Nikkei technical view

“The index accelerated its decline in electronic trading, following Wall Street into the red, and the daily chart shows that the index approached its 20 SMA that anyway remains horizontal around 17,921, while the technical indicators turned south above their mid-lines, suggesting some further declines for this Wednesday”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, a mild negative tone prevails as the index is now below its 20 SMA whilst the technical indicators present tepid bearish slopes in negative territory. The daily low stands at 18,057, with a break below it required to confirm a downward continuation towards the mentioned 17,921 level”.

Support levels: 18,057 17,921 17,852. Resistance levels: 18,165 18,247 18,355.

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