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JPN225: Bulls Climbing

Fundamental analysis:

The Nikkei 225 index closed up 417.63 points, or 1.52%, at 27916.50 points on March 3 (Friday). Japan's service sector activity grew at its fastest pace in eight months in February as the impact of the coronavirus on the global economy faded. Japan's final seasonally adjusted services sector purchasing managers' index (PMI) rose to 54 in February from 52.3 in January.

The Nikkei JPN225——4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum remains volatile and rising, short-term bullish sentiment emerges, the bulls in the market are constantly moving upwards, the MACD indicator is in the bullish zone and rising slowly, and the RSI indicator is hovering near the 80 balance line in the overbought zone in the bullish zone;

Resistance level: 28769 28348

Support level: 28083 28016

Trading strategy: Bullish above 28150, target 28769 28348
Alternative strategy: bearish below 28150, target 28083 28016

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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