Asian stocks drop, Nikkei rejected at 50-DMA

Asian stocks reversed course this Thursday morning, with Nikkei failing near 50-DMA again as investors considered the possibility of faster rate hikes following the hawkish comments from Fed’s Rosengren. 

Nikkei - Falling top formation?

The recovery in the Japan’s Nikkei index from the low of 18932 ran out of steam at the 50-DMA hurdle of 19251 on Wednesday. The index clocked a high of 19218 levels earlier today before deflating to 19170 levels. The entire price action points to a potential falling tops formation. 

Elsewhere, shares in Samsung gained 1.6% after it revealed its flagship smart phone. South Korea’s shed 0.26%. Meanwhile, Australia’s S&P/ASX 200 added 0.30%. 

In the overnight trade, the S&P 500 index edged 0.1%.