Nikkei edges down in choppy trade; charts suggest market top-heavy

jueves 26 de noviembre de 2015 22:24 GYT
 

* Nikkei is flat this week

* Technical signs show Japan market is overbought

* Investors focus on events next week such as ECB

By Ayai Tomisawa

TOKYO, Nov 27 (Reuters) - Japan's Nikkei share average edged down in choppy trade on Friday morning as technical indicators suggested the market is overbought and vulnerable to a correction.

The Nikkei shed 0.3 percent to 19,892.77 in midmorning trade after opening a tad higher. For the week, the benchmark has barely changed.

Trading is expected to remain subdued throughout the day as many market participants are away for the U.S. Thanksgiving holiday.

"A correction is not surprising at any moment given the overbought market," said Takuya Takahashi, an analyst at Daiwa Securities, adding that investors are looking to events next week, including whether the European Central Bank would roll out more stimulus.

The ECB meets next Thursday and most in the market expect it to expand its asset purchase programme and lower its deposit rate.   Continuación...