| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 33000.0 |
| Take Profit | 33900.0 |
| Stop Loss | 32500.0 |
| Key Levels | 31000.0, 32000.0, 33000.0, 33900.0 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 32000.0 |
| Take Profit | 31000.0 |
| Stop Loss | 32500.0 |
| Key Levels | 31000.0, 32000.0, 33000.0, 33900.0 |
Current trend
The leading Japanese stock index Ni 225 is correcting around 32487.0 on the background of the end of the corporate reporting season.
From the data of the Honda Motor Co., Ltd. corporation, it follows that revenue could not exceed the 4,672T yen expected by analysts and amounted to 4,652T yen, being, nevertheless, higher than the income of the previous period of 4,384T yen. Earnings per share were fixed at 219.10 yen, compared with preliminary estimates of 152.60 yen and the Q2 figure of 65.81 yen.
The automotive company Isuzu Motors Ltd. reported revenue of 775.47B yen with a forecast of 750.5B yen, while earnings per share exceeded analysts' expectations, amounting to 58.11 yen instead of 57.24 yen.
Multinational corporation Sony Group Corp also showed revenue growth to 2.963T yen compared with preliminary estimates of 2.448T yen, and earnings per share reached 176.26 yen.
The growth leaders in the index are Inpex Corp. ( 16.62%), Nippon Sheet Glass Co., Ltd. ( 15.65%), Secom Co., Ltd. ( 7.57%), J.Front Retailing Co., Ltd. ( 7.15%).
Among the leaders of the decline are Olympus Corp. (−12.02%), Mitsubishi Materials Corp. (−9.15%), DeNA Co., Ltd. (−8.59%).
Support and resistance
On the daily chart, the index is held within the local descending channel with dynamic boundaries of 33000.0–31200.0, rising in the direction of the resistance line.
Technical indicators are in a state of uncertainty, working out local corrections: the histogram of the AO oscillator forms new correction bars, and the fast EMAs on the alligator indicator continue to approach the signal line, narrowing the range of fluctuations.
Support levels: 32000.0, 31000.0.
Resistance levels: 33000.0, 33900.0.
Trading tips
Long positions can be opened after the price consolidation above the resistance level of 33000.0 with a target at 33900.0. Stop-loss – 32500.0. Implementation time: 7 days and more.
Short positions may be opened after the reversal and continuation of the local decline of the asset, as well as the price consolidation below the support level of 32000.0 with a target at 31000.0. Stop-loss – 32500.0.
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