NKY pushes through previous session high
Nikkei 225 Index (NKY) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (NKY as at May 18, 2018):
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.
Breaking through the key resistance level at 22912.06 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With four out of the other six Major World Indices closing lower today, the ones that stand out on the negative side are NDX losing -0.51% and DAX closing -0.28% lower. On the flipside the best performers have been HSI closing 0.34% higher and DJIA gaining 0.0%. Read more