NKY climbs to highest close since May 21st
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.
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.
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.
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.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
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.
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
|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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