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JPN225: High level rollback

Fundamental analysis:

The Nikkei 225 Index closed up 67.04 points, or 0.24%, at 27654.50 on November 1 (Tuesday). The prospects of Japanese domestic manufacturers and trade activities in the whole region are uncertain, which further challenges Japan's top decision makers at a time when the interest rate hike may lead to global economic recession. Japan's Au Jibun Bank manufacturing purchasing managers' index (PMI) in October fell to 50.7 from the final value of 50.8 in September after seasonally adjusted.

Nikkei index JPN225 - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the bulls' power kept surging, broke through the previous high and began to retreat. The bears' power waited for an opportunity to enter the market. The MACD index was maintained in the bulls' area, and the RSI index was in the 50 balanced online weak side;

Empty turning point: 27,595

Pressing: 27714, 27833

Support: 27431, 27319

Trading strategy: bearish under 27595, target 27431, 27319

Alternative strategy: bullish above 27595, target 27714, 27833

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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