JPN225: high rise

The Nikkei 225 Index closed up 230.51 points, or 0.77%, at 30073.50 points on May 17 (Wednesday). Japanese shares are poised to extend their rally this year as earnings growth, share buybacks and still-low valuations attract buyers. Buffett's endorsement and improvements in corporate governance have boosted Japanese stocks, while corporate earnings may be the latest catalyst, though not spectacular, but Topix constituents expect to see a decline in the fiscal year ending March 2024. , operating profit will grow by about 6%. History has shown that corporate estimates tend to be conservative.

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

Looking at the 4-hour chart: the high-level bullish momentum continues to fluctuate and rise, the short-term bullish sentiment continues, the market bulls continue to climb, the MACD indicator continues to move upward in the bullish zone, and the RSI indicator is in the high-level overbought zone in the bullish zone.

Resistance: 30627 30753

Support level: 30299 30177

Trading strategy: Bullish above 30425, target 30627 30753

Alternative strategy: bearish below 30425, target 30299 30177