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JPN225: high rise

Fundamental analysis:

The Nikkei 225 Index closed up 222.16 points, or 0.75%, at 29848.50 points on May 16 (Tuesday). Japan's Topix hit a 33-year high and chip stocks tracked the Nasdaq's overnight gains, as optimism over a possible U.S. debt-ceiling deal further boosted sentiment.

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

Brief technical analysis:

Looking at the 4-hour chart: the momentum of high-level bulls continues to rise, the short-term bullish sentiment continues, the market as a whole is constantly moving upwards, the MACD indicator is at a high level 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

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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