NKY climbs to highest close since May 21st


Nikkei 225 Index (NKY) Technical Analysis Report for Jun 13, 2018 [1 min read]
Highlights
NKY dominated by bulls lifting the market higher throughout the day
NKY closes higher for the 3rd day in a row
NKY runs into sellers again around 22990.54
NKY rises to highest close since May 21st
NKY closes within previous day's range after lackluster session
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, NKY ended Wednesday at 22966.38 gaining ¥88.03 (0.38%) following today's FOMC announcement. Today's closing price of 22966.38 marks the highest close since May 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for NKY
Volatility

Wednesday's trading range was ¥95.23 (0.42%), that's far below last trading month's daily average range of ¥162.95. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 23011.57. After having been unable to move above 23011.57 in the prior session, Nikkei 225 ran into sellers again around the same price level today, failing to move higher than 22990.54.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying could speed up should prices move above the close-by swing high at 23011.57 where further buy stops might get triggered. Further buying could move prices higher should the market test May's nearby high at 23050.39.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Nikkei 225 Index
ConditionForecastDirectionWinAvgWorstBestEvents
Strong Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Bounced off Technical Support S2 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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NKY finds buyers at key support level

Jun 20, 2018
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