Nikkei, Dow and Hang Seng

 When I re-initiated my entries to this blog end of last year, I told myself that I would make it a point to type in one article per week.

Yet there are a lapse last week. No, it was not because I was lazy or procrastinating. I reviewed through those counters that I monitored, I noted that there was little or no change needed to highlight at all. After long consideration, I have decided that there would be no entry last week.

So is there anything worth noting after one week of rest? Let's go to the 3 counters more crucial to my tradings.

Fig 1 Dow Jones, Hang Seng and Nikkei weekly chart

I have placed the 3 charts side by side for an easier comparison. After all, charting is very visual. So what am I seeing when comparing these 3 charts?

Well, to start with, all 3 counters are sliding downward. This is a no brainer.

Let's talk about Hang Seng first. Hang Seng actually managed to climb this week after a gap down, a surge of close to 868 points, with 795 points happened on Friday. Having said that, there is thus far no indication on its candle, neither are the moving averages showing sign of reversing. 

In my analysis of Hang Seng dated November 9th 2021, the support level was between 15,000 to 18,500, it touched on 18,500 by March 13th 2022 before re-bounce upward. It is now retesting 18,500 after retreating from its 8-week moving average resistance. This is also in coincidence with the 61.8% projection support. 

My take on Hang Seng is that the gradient of moving averages are still firm on down trend. The 8-week moving average will continue to resist Hang Seng's climb until a clearer cancel indication.

If it decides to climb, the next resistance level should be 21,954 and 23,677.

Let's move on to Dow Jones, it  managed to salvage some of its fall on Friday with a climb of 583 points closing at 32,200.While the higher level moving averages  maintain a bullish tendency, the candles thus far indicates otherwise. 

While Dow Jones is supported by the 144-week moving average this week, I feel that it has not yet completed its descend. If this is that case, the next support level is between 29,511 to 30,786.

Of the 3, Nikkei is the most interesting. Why? The support level is strong in Nikkei, Thee fall initiated in the beginning of this week was almost fully recovered.  Further more, the candles of the down trend overlap each other with a descend of lower gradient. 

I am seeing a higher chance of Nikkei to reverse itself heading up-ward. the resistance will be between 28,117  to 29,680.