The Nikkei 225 staged a failed.........>

JAPAN STOCKS: The Nikkei 225 staged a failed attempt to break out of an

ascending channel with ceiling at 23,354.06 and fill the gap from the Oct 10 low

of 23,373.54. The index challenged these levels as it picked up on its earlier

rally through Oct, during which the 50-DMA crossed above the 100- & 200-DMAs. A

break above the Dec 18 high of 22,698.79 played into the hands of bulls,

cushioning a modest throwback into Nov and allowing the index to bounce off the

level. A break above the highlighted channel top & Oct 10 trough would expose

the Oct 2 peak at 24,448.07. Be alert to any signs of the rally running out of

steam after the recent bearish stochastics crossover in overbought territory.

- The Nikkei 225 has gained in sync with global equity mkts, which responded to

perceived progress in U.S.-China "phase one" trade pact. Bear in mind that the

initial agreement is not yet sealed, with RTRS reporting that signing the "phase

one" deal may be delayed until Dec. A comprehensive truce is even further off.

- Given risk positive global developments, the Nikkei 225 has advanced despite

Japan's Oct sales tax hike & a major typhoon, which hit the same month.

- See chart at: https://emedia.marketnews.com/marketnewsintl/NKY06112019.png