NKY surges 1.01% closing ¥235.59 higher

Nikkei 225 Index (NKY) Technical Analysis Report for Dec 02, 2019 | by Techniquant Editorial Team


NKY rallies 1.01% closing ¥235.59 higher
NKY rises to highest close since October 5, 2018
NKY dominated by bulls lifting the market higher throughout the day
NKY pushes through Friday's high
NKY still stuck within tight trading range


NKY finished Monday at 23529.50 surging ¥235.59 (1.01%). This is the biggest single-day gain in over three weeks. Today's close at 23529.50 marks the highest recorded closing price since October 5, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 23498.77, Nikkei 225 confirmed its breakout through the previous session high after trading up to ¥63.28 above it intraday.

Daily Candlestick Chart (NKY as at Dec 02, 2019):

Daily technical analysis candlestick chart for Nikkei 225 Index (NKY) as at Dec 02, 2019

Monday's trading range has been ¥183.65 (0.79%), that's slightly below the last trading month's daily average range of ¥191.49. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NKY. Prices continued to consolidate within a tight trading range between 23273.37 and 23608.06 where it has been caught now for the whole last trading week.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on November 18th, NKY actually lost -0.53% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might accelerate should prices move above the close-by swing high at 23608.06 where further buy stops could get triggered.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Nikkei 225. Out of 224 times, NKY closed higher 54.91% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.48% with an average market move of 0.45%.

With five out of the other six Major World Indices closing lower today, the ones that stand out on the negative side are DAX losing -2.05% and NDX closing -1.12% lower. On the flipside the best performer has been HSI closing 0.37% higher. Read more

Market Conditions for NKY as at Dec 02, 2019

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