NKY breaks below prior session low
Moving lower for the 3rd day in a row, NKY finished the week -1.01% lower at 22298.08 after tanking ¥300.31 (-1.33%) today. This is the biggest single day loss in over two weeks. Today's closing price of 22298.08 marks the lowest close since July 12th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 22497.99, the stock index confirms its breakout through the previous session's low having traded ¥225.30 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was ¥336.17 (1.49%), that's far above last trading month's daily average range of ¥198.78. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
Breaking below the key support level at 22332.82 today, it is now likely to act as resistance going forward.
Although Nikkei is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The market broke below the 200-day moving average at 22395.20 today for the first time since July 11th.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Nikkei 225 Index
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Gap Up||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
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