Nikkei 225 Faces Potential Reversal
NIKKIE 225 WEEKLY SCENARIO
NIKKIE TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, Nikkei 225 is trading in an up channel.
Nikkei 225 is currently trading above all SMA.
RSI is in an overbought zone, which shows bearishness. Stochastic is suggesting no trend.
Its immediate support is at 31985 & the resistance is at 32677
Nikkei 225 has been moving steadily higher on the weekly chart. Currently, a shooting star pattern has formed on the weekly chart, indicating the possibility of a trend reversal and a downward move in price. Therefore, we are expecting a price decrease and correction to the negative from here.
NIKKEI 225 TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, Nikkei 225 is trading in an up channel.
Nikkei is currently trading above 20&50 SMA.
RSI is in Buying zone, which shows bullishness. Stochastic is suggesting an up trend.
Its immediate support is at 32096 & the resistance is at 32450
Nikkei 225 was consistently rising upward and making higher highs on the daily chart. As of right now, the price is falling and has created a bearish engulfing pattern at the top, indicating a potential trend reversal and potential price downward.