NKY breaks below prior session low


Nikkei 225 Index (NKY) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
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
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

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 chart for NKY
Volatility

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.

Support/Resistance

Breaking below the key support level at 22332.82 today, it is now likely to act as resistance going forward.

Trend

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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Latest Report:

NKY pushes through prior session high

Aug 17, 2018
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