NKY pushes through previous session high


Technical Analysis Report for NKY - May 18, 2018 [< 1 min read]
Highlights
NKY pushes through key resistance level
NKY closes above its opening price after recovering from early selling pressure
NKY closes higher for the 2nd day in a row
NKY pushes through previous session high
NKY rises to highest close since February 2nd
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, NKY finished the week 0.76% higher at 22930.36 after gaining ¥91.99 (0.4%) today. Today's closing price of 22930.36 marks the highest close since February 2nd. Trading up to ¥39.90 lower after the open, the index managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 22887.03, Nikkei 225 confirms its breakout through the previous session's high having traded ¥67.16 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NKY
Volatility

Friday's trading range was ¥86.89 (0.38%), that's far below last trading month's daily average range of ¥147.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Breaking through the key resistance level at 22912.06 today, it is now likely to act as support going forward.

Trend

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

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

NKY breaks below prior session low

May 24, 2018
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