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Topix Technical Analysis: Index hits lowest since June 2017 after flag breakdown

  • Japan's Topix index fell to 1,572 on Monday - the lowest level since June 1, 2017 - having suffered a bear flag breakdown on Monday.
  • The bearish pattern has opened the doors for a drop below 1,400 (target as per the measured height method).
  • The 50-, 100-, and 200-day moving averages (MA) are trending south and located one below the other in favor of the bears.
  • The 14-day relative strength index (RSI) of 34 indicates there is scope for further slide below 1,500.

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