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Nikkei 225 futures are currently trading at 19050-lower by 2.27% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.
In the Cash Markets, the Nikkei 225 fell 2.33% to close at 19,043.40 on Monday. The index dropped today as traders concerned about the impact of the pneumonia-causing virus outbreak on companies’ earnings.
Stocks of key oil exploration companies advanced after OPEC and other oil-producing nations agreed to lower supply by 9.7 million barrels per day.
The trading volume of stocks on the mainboard was 1.65 trillion yen. It was almost trading volume in about three months.
Companies that have postponed their earnings announcements due to the coronavirus pandemic underperformed today.
Stocks of Nidec Corp dropped today after it said that it is postponing its earnings results.
Stocks of Sumitomo Electric Industries Ltd slipped 3.73% after the company said it will delay its earnings announcement by one week.
On the other hand, stocks of Yaskawa Electric Corp inched up today as the robot-manufacturer provided a quarterly projection after suspending its earnings guidance for the financial year. The company predicted an operating profit of 4 billion yen for the March-May period. The markets were, however, expecting an operating loss for the same period.
The broader Topix lost 1.69% to close at 1,405.91. All except two of the thirty-three sub-indices on the Tokyo Stock Exchange closed lower today.
Stocks of Inpex corp. added 1.52% as oil prices rose today after OPEC and other oil-producing nations agreed to lower supply by 9.7 million barrels per day.
On the technical front, the RSI is currently at 51.43% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed %D from above to the downside at around 80% and suggests that the market can move in the downward direction.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion-Limit Sell At 19080 Take Profit At 18780 Stop Loss At 19230