NKY finds buyers again around 21775.61

Nikkei 225 Index (NKY) Technical Analysis Report for Apr 16, 2018

Highlights

NKY closes below its opening price unable to hold early session gains
NKY closes higher for the 2nd day in a row
NKY finds buyers again around 21775.61
NKY rises to highest close since March 13th
NKY closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, NKY ended Monday at 21835.53 gaining ¥56.79 (0.26%). Today's closing price of 21835.53 marks the highest close since March 13th. Trading ¥36.14 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NKY

Volatility

Monday's trading range was ¥104.08 (0.48%), that's far below last trading month's daily average range of ¥258.56. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

After having been unable to move lower than 21746.69 in the previous session, Nikkei found buyers again around the same price level today at 21775.61.

Trend

While the index is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could speed up should prices move above the close-by swing high at 21917.35 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 21591.39 where further sell stops might get activated. Further buying could move prices higher should the market test March's close-by high at 21971.16.

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

Condition Forecast Direction Win Rate Exit Day Events
3 Consecutive Higher Closes TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Close near high of period TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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