Nikkei's 225 Dropped, OPEC+ Is Eyed

Nikkei's 225 Dropped, OPEC+ Is Eyed

Latest news

  • Stocks dropped at the start of the week as investors are worried over rising costs, supply-chain issues, and inflationary pressures as they can slow down the economic growth.
  • Traders keep monitoring the debt worries of Evergrande. China’s company has already missed two bond interest payments in the past weeks.
  • BioNTech, the Covid-19 vaccine maker, claimed that a new vaccine may be needed by mid-2022 to protect against the mutations of the virus.
  • Merck developed a medicine that decreases the risk of death by nearly 50% in Covid patients. If it is authorized by US authorities, the drug can become the first oral antiviral medicine for Covid-19!
  • Bad news for US stocks: voting on the bipartisan infrastructure bill was suspended. S&P 500 is trading below the 100-day moving average after closing the previous week in the red.
  • News from Japan: Fumio Kishida becomes Japan's Prime Minister. USD/JPY is moving sideways near 111.00. Nikkei (JP225) has sharply dropped below 28,500.
  • OPEC+ members will meet today to discuss oil production cuts amid increased fuel prices, especially those of natural gas.

Technical outlook

Gold is trying to recover the losses. On the weekly chart, it is moving sideways near the 100-week moving average just below $1760. On the 4-chart, we see that gold has reversed down from the 100-period moving average of $1765 and edging lower to the 50-period MA of $1750, where the metal should stop falling. The breakout below this support level will open the doors to the low of September 23 at $1740. Resistance levels are the 100-period MA of $1765 and the high of September 22 at $1780.


Here is a very strong movement in the JP 225 chart. The Japan index has massively dropped to the 50-week moving average of 28,200, which may stop the index from falling further. If it manages to close below this support level, it will drop to 27,650 – the lows of late August.




Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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