TAIEX May Open Weak as Nasdaq Rout Dampens Global Sentiment – April 17 Prediction
TAIEX is expected to extend losses on April 17 as the Taiwan index responds to a sharp decline on Wall Street. The Nasdaq’s over 500-point crash has shaken investor confidence, with tech-heavy markets in Asia likely to follow suit.
Key Highlights:
Taiwan’s benchmark stock index TAIEX closed sharply lower on April 16 and is poised to continue its downward trend today, April 17. The bearish momentum stems from a brutal session on Wall Street, where the Nasdaq Composite plummeted by over 3%.
TAIEX Market Recap – April 16
- Closing Level: 19,468.00
- Change: −398.67 points (-1.96%)
- Previous Close: 19,857.67
- Day’s Range: 19,453.14 – 19,737.09
- 52-Week Range: 17,306.97 – 24,416.67
The TAIEX index witnessed broad-based selling, with technology, semiconductor, and manufacturing stocks facing heavy pressure. The steep fall was also attributed to weak global cues and profit-booking by foreign investors.
Nasdaq Crash Triggers Risk-Off Sentiment
The Nasdaq Composite index plunged by 516.01 points (3.07%) on April 16 to close at 16,307.16. A combination of weak earnings outlooks from tech giants and hot inflation data in the U.S. triggered a global risk-off environment. As a result, Asian markets, particularly those heavily exposed to tech, like Taiwan, have turned jittery.
The Nasdaq crash has amplified fears across the region, dragging futures and indices into the red:
- Gift Nifty Futures: Down 124 points (-0.53%)
- Hang Seng Index: Down 149.81 points (-0.70%)
- KOSPI: Closed down 1.21% at 2,447.43
- Nikkei 225: Closed 1.01% lower at 33,920.40
Technical Outlook for TAIEX
- Immediate Support: 19,300
- Next Support: 19,000 psychological level
- Resistance: 19,700 and 20,000
- RSI Indicator: Trending below 40, showing increasing bearish strength
- MACD: Bearish crossover confirms downside momentum
Sectoral View
- Technology and Chip Stocks: Likely to open weak following Nasdaq tech sell-off
- Financials: May remain flat or mildly negative
- Utilities and Defensive Sectors: Could attract safe-haven interest
Economic Events to Watch
- Taiwan export orders and industrial output data later this week
- U.S. inflation updates and Fed statements
- Crude oil fluctuations and regional geopolitical tensions
Prediction for April 17
Given the global cues, especially Nasdaq’s steep decline, the TAIEX is likely to open lower today. Investors may adopt a risk-averse approach, leading to:
- Gap-down opening
- Sustained weakness in intraday trade unless bargain buying emerges
- Volatility in high-beta sectors like semiconductors, electronics, and consumer tech
Final Word
TAIEX prediction today leans toward a bearish open and possibly a continuation of Tuesday’s downtrend. Traders and investors should watch key support levels closely and be prepared for intraday volatility driven by global news flow.
Disclaimer: This article is for informational purposes only. Please consult a registered financial advisor before making any investment decisions.
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