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NIKKEI225 Index
NIKKEI225 Index
- JPY (-)
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Type: Indices
Ticker: NK225
ISIN: XC0009692440

NIKKEI225 Index - Japan Index breaking out? - 11/19/2015

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This must have been one of the most boring weeks in the history of the Nikkei index that lacked direction and volume following another non-event Japan meeting. The index is still trapped in a trading range as it did not make any significant moves, continuing to fluctuate between the support level of 18455 and the key psychological level of 18000.

The index continued to increase the rate of attempts to break the upper boundary of the sideways channel, following a failed attempt during yesterday’s session. I think it’s going to take at least 2-3 attempts before we see a break above here. In the 1-hour chart, the index is finding support from the 50-SMA, near the 18250 area, which I consider a rebound zone, alongside with the 18175 level. In the 4-hour chart the index is holding above both the 50-SMA and the 200-SMA, while the technical indicators are holding above their mid-lines, in line with the shorter term picture.

All in all, as long as the index remains above the psychological level of 18000, which includes the 4-hour 200-SMA, I remain bullish.
  • Timeframe : 1H
NIKKEI225 Index - 1H
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