Dec 11, 2018
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.