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April 24, 2023
While the Nikkei is on a 13 day uptrend Today's session put the brakes on the ongoing uptrend — after ending today at 28,564, the Nikkei traded in a 28,567 – 28,681 range before settling at 28,600.
Nikkei made an initial break below its 5 day Simple Moving Average at 28,600, a possible indication of a forthcoming negative trend. 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. The Nikkei's upper Bollinger Band® is at 28,930, suggesting that a downward move may follow. On the other hand, note that the Nikkei is approaching key support, around 109.29 points away from 28,500. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests the Nikkei is positioned for a downward move in the near term.
While the Nikkei was pretty flat today, mixed performances were seen elsewhere as after ending today's session at 2,544.4, KOSPI Composite Index lost 20.9 points and is trading around 2,523.5. Hang Seng lost 0.86% today and closed at 20,076.
The Nikkei has recovered 185,142% since descending to a significant low of 15.42 around 7 months ago.
