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JPN225: High retracement
2023-03-08
934
Fundamental analysis:
The Nikkei 225 Index closed up 83.72 points, or 0.30%, at 28321.50 points on March 7 (Tuesday). Shares of Mitsubishi Heavy Industries fell more than 2% after Japan's H-3 rocket launch mission failed. H-3 is a new generation of liquid launch vehicle jointly developed by Japan Aerospace Exploration Agency (JAXA) and Mitsubishi Heavy Industries, mainly used to replace the H-2 series rockets.
The Nikkei JPN225——4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The high-level bulls continue to fluctuate and rise, and there is a short-term retracement. The market is still bullish. The MACD indicator is in the high-level order of the long-term zone, and the RSI indicator is in the long-term zone.
Resistance level: 28269 28348
Support level: 28083 28016
Trading strategy: Bullish above 28150, target 28269 28348
Alternative strategy: bearish below 28150, target 28083 28016
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