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March 06, 2023
Today at a glance: after finishing Friday at 27,927, the Nikkei went up to 28,300 before paring its losses and closing at 28,238.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates the Nikkei is in an overbought condition. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 28,142, thereby suggesting that the Nikkei is becoming overvalued. Chart analysis suggests the Nikkei could be slowing down soon as it approaches resistance at 28,300. Of course, crossing it might suggest further gains are ahead.
Overall, while the Nikkei has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as KOSPI Composite Index is trading around 2,462.62 after ending today's session at 2,432 (up 1.26% today). ASX 200 is trading around 7,328.6 after ending today's session at 7,283.6 (up 0.62% today). CAC went up by 0.34% today, and closed at 7,373.21.
Furthermore, the market is looking at Japan Current Account n.s.a. (Jan) is scheduled for tomorrow at 23:50 UTC. Japan Adjusted Current Account (Jan) will be released tomorrow at 23:50 UTC. Japan Current Account n.s.a. scheduled to come out tomorrow at 23:50 UTC.
The index has been trending positively for about 2 months. After hitting an important low of 15.42 approximately 5 months ago, the Nikkei has bounced back 181,000% since.
