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JPN225: Bull surge

2022-11-07
589
Fundamental analysis:

The Nikkei 225 Index closed down 488.89 points, or 1.77%, at 27174.50 on November 4 (Friday). In October, Japan's service industry activity grew at the fastest rate in four months, because the easing of restrictions on foreign tourists' entry and the improvement of domestic tourism situation boosted people's confidence.


Nikkei index JPN225 - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that the bulls' momentum is surging, the short-term bullish mood is shrouded, the market bulls are rising strongly, the MACD index is in the short area and moves up, and the RSI index is in the weak side of the 50 equilibrium line;


Overflight turning point: 27450


Pressing: 27549, 27612


Support: 27388, 27321


Trading strategy: bullish above 27450, target 27549, 27612


Alternative strategy: bearish under 27450, target 27388, 27321

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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