In Japan, the stock rebound only lasted half a day.Unlike the rest of Asia, early gains Tuesday had evaporated by mid-afternoon, with the Topix index closing 0.9 percent lower. That left the Topix within 1.6 percent of its 200-day moving average, a closely watched technical level that’s seen as a support for an index. Conversely, if the measure falls below that level, it’s considered to be in a downtrend. On a positive note, one other indicator is suggesting that the Topix will hold above the 200-day average: The 14-day relative strength index. That measure of momentum, fell to 28 on Tuesday, below the 30 level that some traders say signals an index is poised to rise.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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