NIKKEI 225 - Nikkei 225 More Upside Move is Expected - 07/27/2016 (GMT)

The NIKKEI 225 index is looking bullish today and surged more than 1.9% the last hours. Following the aggressive rally which started from the 16237 support level the index created a fresh five-day high and is now trading near the 16680 price level. The price surpassed above the 50-SMA on the 4-hour chart and penetrated the 16765 resistance level. Our expectation is a further upside potential move until the 16940 barrier for a first target and then until the 17250 resistance level. Technical indicators seem to be in agreement with our bullish scenario since MACD is approaching the positive area and RSI is following the bullish territory