NKY breaks below prior session low

Nikkei 225 Index (NKY) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


NKY crashes, loses ¥300.31 (-1.33%) within a single day
NKY breaks key support level
NKY dominated by bears dragging the market lower throughout the day
NKY breaks below 200-day moving average
NKY closes lower for the 3rd day in a row


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.

Daily Candlestick Chart (NKY as at Aug 10, 2018):

Daily technical analysis candlestick chart for Nikkei 225 Index (NKY) as at Aug 10, 2018

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.

With six out of the other six Major World Indices closing lower today, the ones that stand out on the negative side are DAX losing -1.99% and FTSE closing -0.97% lower. None of the markets managed to end the day in the green. Read more

Market Conditions for NKY as at Aug 10, 2018

Loading Market Conditions for NKY (Nikkei 225 Index)...
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