NKY closes higher for the 3rd day in a row

Nikkei 225 Index (NKY) Technical Analysis Report for Apr 17, 2018

Highlights

NKY finds buyers around 21772.42 for the third day in a row
NKY closes higher for the 3rd day in a row
NKY rises to highest close since March 13th
NKY stuck within tight trading range
NKY closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, NKY ended Tuesday at 21847.59 gaining ¥12.06 (0.06%). Today's closing price of 21847.59 marks the highest close since March 13th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for NKY

Volatility

Tuesday's trading range was ¥117.47 (0.54%), that's far below last trading month's daily average range of ¥249.83. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 21746.69 and 21917.35 which it has been in now for the last three days.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. In spite of a weak opening the index managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

The stock index found buyers again today around 21772.42 for the third trading day in a row after having found demand at 21775.61 in the previous session and at 21746.69 two days ago.

Trend

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

Order Flow

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

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