Stagnant the Nikkei dips to 27,300 amid sluggish price action

Today at a glance: the Nikkei recovered back to 27,424 after dipping down to 27,300, in a session that followed Friday's 27,453 close value.

Nikkei made an initial break below its 5 day Simple Moving Average at 27,343, a possible indication of a forthcoming negative trend. The Nikkei's upper Bollinger Band® is at 27,818, suggesting that a downward move may follow. In contrast, the Nikkei is approaching key support, around 191.39 points away from 27,233. 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 notably, CAC rose 1.51% today and closed at 7,187.27. ASX 200 lost 1.12% today and closed at 7,307. EuroSTOXX added 1.66% and closed around 4,178.82 today.

Data to be released tomorrow might clear up some of the market fog as Japan Industrial Production projected to decline to -2.6% while previous data was 0.3%; data will be released today at 23:50 UTC. Japan Retail Sales is projected to outperform its last figure with 4%. It previously stood at 3.8%; data will be released today at 23:50 UTC.

Trading mostly sideways for a month. The Nikkei hit a significant low of 15.42 around 5 months ago, but has since recovered 177,938%.