Asian Markets
The Asian Pacific market was broadly declining at time of writing, following the rise in restrictions by Chinese regulators on gaming companies.
As per the regulations, Beijing will restrict children from playing video games to a mere three hours for most of the week. Firms such as NetEase (NASDAQ:NTES) and Tencent Holdings (OTC:TCEHY) are only allowed to offer their online games from 8 p.m. to 9 p.m. on weekends. The surge in regulatory crackdowns on such sectors could scare off investors who are testing the waters of Chinese equity markets.
As of 11:17 p.m. EST, the Nikkei fell 0.19% while the Shanghai Composite Index was down 0.76%. The ASX 200 index rose 0.37% and Seoul's KOSPI fell 0.10%. The Hang Seng index, in Hong Kong, declined by 1.55%.
Nikkei Index
The Nikkei index was still very much trading in a downtrend and traders took pretty much every single opportunity to sell into the rallies. However, more recently, it seemed like that the bulls are back in town as the price crossed above the 50-day SMA on the daily time frame. However, the price still needs to break above the 100 and the 200-day SMA on the daily time frame. As for the RSI, it was trading above the upward trend line which showed that the current trend had some momentum behind it.
The near term resistance was at 30046 and support was at 27192.
