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May 27, 2023
Yesterday at a glance: with a daily low of 30,864, the Nikkei closed yesterday at 30,916, after ending Thursday at 30,800 and gaining 116.31 points (0.37%).
Meanwhile, Japan CFTC JPY speculative net positions released yesterday at 20:30 UTC with a figure of -80,700, while the previous figure was -64,800.
Nikkei price action is currently oscillating around the 31,000 resistance level with prices moving above and below several times during the session. The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Bollinger Band® analysis indicates that current price action is approaching the upper band at 31,347, thereby suggesting that the Nikkei is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for the Nikkei.
The Nikkei shows positive signs, other assets are also on par: Nasdaq went up by 2.19% yesterday, and closed at 12,976. S&P 500 is trading around 4,205.45 after ending yesterday's session at 4,151.28 (up 1.3% today).
Meanwhile, after ending yesterday's session at 19,100, Hang Seng lost 353.08 points and is trading around 18,747.
The index has been trending positively for about a month. The Nikkei hit a significant low of 15.42 around 8 months ago, but has since recovered 199,648%.
