NKY dominated by bulls lifting the market higher throughout the day

Nikkei 225 Index (NKY) Technical Analysis Report for Mar 13, 2018

Highlights

NKY dominated by bulls lifting the market higher throughout the day
NKY closes higher for the 4th day in a row
NKY ends the day on a bullish note closing near the high of the day
NKY finds buyers again around 21700.78
NKY rises to highest close since February 28th

TQ Sentiment

Report Sentiment: 40% Bullish
Technical Forecast:

Overview

Moving higher for the 4th day in a row, NKY finished Tuesday at 21968.10 gaining ¥144.07 (0.66%). Today's closing price of 21968.10 marks the highest close since February 28th. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for NKY

Volatility

Tuesday's trading range was ¥267.32 (1.23%), that's slightly below last trading month's daily average range of ¥268.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Regardless of a weak opening the stock index managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 22152.85. After having been unable to move lower than 21689.97 in the previous session, the index found buyers again around the same price level today at 21700.78.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 21971.16 where further buy stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Nikkei 225 Index

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NKY pushes through previous session high

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