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JPN225: high shock

Fundamental analysis:

The Nikkei 225 index closed down 199.45 points, or 0.68%, at 28958.50 on Monday, May 8. Japan on Monday lowered the legal status of COVID-19 to the same category as seasonal flu and greatly eased its intensive measures. Type medical rules, marking a major shift in Japan three years after dealing with the new coronavirus. The government said it would provide free vaccinations, that patients who tested positive would no longer be isolated, and that patients would receive treatment in general hospitals rather than designated institutions.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum rose strongly and then encountered resistance and shocks. The bullish sentiment in the market began to weaken.

Resistance: 29110 29180

Support level: 28920 28841

Trading strategy: Bullish above 28991, target 29110 29180
Alternative strategy: bearish below 28991, target 28920 28841

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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