| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 32000.0 |
| Take Profit | 31100.0 |
| Stop Loss | 32500.0 |
| Key Levels | 31100.0, 32000.0, 32900.0, 33600.0 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 32900.0 |
| Take Profit | 33600.0 |
| Stop Loss | 32500.0 |
| Key Levels | 31100.0, 32000.0, 32900.0, 33600.0 |
Current trend
Leading Japanese stock index NI 225 retreats from yearly highs, trading near the level of 32599.0 after the start of publication of corporate reports for the second quarter.
The day before, one of the world's automotive giants Mitsubishi Motors Corp. presented its financial results. The company's revenue in the second quarter was 635.75 billion yen, which exceeded the 594.13 billion yen expected by analysts, and earnings per share amounted to 32.22 yen, compared with the forecast of 15.38 yen.
Shimano Inc., the world's leading bicycle equipment maker, is set to report today with revenue of 131.89 billion yen, up from 126.07 billion yen in the previous quarter, and earnings per share of 221.71 yen, up from 223.11 yen previously recorded. In addition, data from one of the leaders in the Japanese information systems market, Obic Co. Ltd. will be made public today. The company's revenue could reach 26.78 billion yen, up from the previous quarter's figure of 25.65 billion yen, and earnings per share could amount to 155.39 yen, exceeding the 138.61 yen recorded in the previous quarter.
The growth leaders in the index are Mitsubishi Motors Corp. ( 6.68%), Nissan Motor Co., Ltd. ( 5.96%), SKY Perfect Holdings Inc. ( 3.51%), Yaskawa Electric Corp. ( 3.50%).
Among the leaders of the decline are Sompo Holdings Inc. (-2.68%), Chugai Pharmaceutical Co., Ltd. (-2.51%), Nippon Telegraph & Telephone Corp. (-2.09%).
Support and resistance
On the daily chart, the price is holding within the local descending channel with dynamic boundaries 32600.0–31100.0, falling towards the support line.
Technical indicators hold a buy signal, which continues to actively weaken: the AO histogram is forming new corrective bars, and fast EMAs on the Alligator indicator continue to approach the signal line, narrowing the range of fluctuations.
Support levels: 32000.0, 31100.0.
Resistance levels: 32900.0, 33600.0.
Trading tips
If the asset reverses and continues local decline and the price consolidates below the support level of 32000.0, short positions can be opened with the target at 31100.0. Stop-loss — 32500.0. Implementation time: 7 days and more.
If the asset continues growing and the price consolidates above the resistance level of 32900.0, long positions will be relevant with target at 33600.0. Stop-loss — 32500.0.
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