NKY closes higher for the 2nd day in a row
Nikkei 225 Index (NKY) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, NKY finished the week 3.53% higher at 23094.67 after surging ¥273.35 (1.2%) today. This is the biggest single day gain in over three days. Today's closing price of 23094.67 marks the highest close since February 2nd. Trading up to ¥70.30 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 22858.41, Nikkei confirms its breakout through the prior session's high having traded ¥246.87 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was ¥139.80 (0.61%), that's below last trading month's daily average range of ¥168.99. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly below average.
After trading as low as 22965.48 during the day, Nikkei 225 bounced off the key support level at 23006.77. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.
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