NIKKEI 225 - Nikkei 225 extends gains above a 15-year high - 02/20/2015 (GMT)

Tokyo's Nikkei 225 closed at a 15-year high on Thursday, and it continued to push higher, marking the fifth consecutive week of gains. The upper boundary of the ascending triangle formation provided significant support to the index few months ago around the 16450 – 16600 zone, prompting a more aggressive bullish move in the index which resulted in it recording a new high after the other (17400, 17540, 17700, 18090). However, the upward advance which started from the 14350 was halted by the 18090 level. From there, the price retraced more than 50% of the move up from the latter level to the low of October 2014.

As it stands, I would expect the index to move further up, since the index is moving in a clear uptrend, since it broke above the 18090, and by the fact that 50-period SMA is moving below the index. Furthermore, the MACD is moving above both, its zero and trigger lines.