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JPN225: high rise

Fundamental analysis:

The Nikkei 225 index closed up 324.03 points, or 1.16%, at 28251.50 points on March 6 (Monday). The Budget Committee of the Japanese Senate will conduct a concentrated review of the 2023 budget that day. Japanese Prime Minister Fumio Kishida and other cabinet members will attend the meeting. The ruling party has been ordered to draft additional measures to curb rising prices.

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

Brief technical analysis:

Looking at the 4-hour chart: After finishing at a high level and moving up, the market as a whole is hovering at a high level, and there are signs of continued upward movement in the short term. The MACD indicator is at a high level in the bullish area, and the RSI indicator is hovering below the 80 equilibrium line in the high overbought zone;

Resistance level: 28269 28348

Support level: 28083 28016

Trading strategy: bearish below 28150, target 28083 28016
Alternative strategy: call above 28150, target 28269 28348

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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