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JPN225: high rise
2023-05-16
808
Fundamental analysis:
The Nikkei 225 Index closed up 228.20 points, or 0.78%, at 29616.50 points on May 15 (Monday). A meeting of the Japanese government's top economic council focused on whether recent inflation and wage gains suggest Japan is moving closer to a sustained escape from deflation.
The Nikkei JPN225——4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bulls have a strong upward momentum, the short-term bullish sentiment remains, the market bulls are constantly moving upwards, the MACD indicator is in the bullish zone and the RSI indicator is hovering at a high level in the bullish zone;
Resistance level: 29965 30046
Support level: 29719 29630
Trading strategy: Bullish above 29813, target 29965 30046
Alternative strategy: bearish below 29813, target 29719 29630
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