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May 20, 202330,574 is where the Nikkei ended Thursday; it reached a record high of 30,925 yesterday, changed by 124.57 points and closed at 30,800.
At the same time, Japan CFTC JPY speculative net positions released yesterday at 20:30 UTC with a figure of -64,800, while the previous figure was -61,000. Japan Tertiary Industry Activity Index (MoM) came out at -1.7, while a consensus of analysts was expecting 0.3.
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. The Nikkei's upper Bollinger Band® is at 30,770, this is a slight indication of a slowdown. The Nikkei could be slowing down soon as it approaches resistance at 30,929. Of course, crossing it might suggest further gains are ahead.
Technical analysis suggests there could be an imminent reversal for the Nikkei.
Other markets are also showing gains as ASX 200 went up by 0.59% yesterday, and closed at 7,279.5. Notably, KOSPI Composite Index rose 0.89% yesterday and closed at 2,515.4.
Meanwhile, Hang Seng slides down 1.4% yesterday and closed at 19,727.
The index has been trending positively for about a month. Having set a significant high of 30,800 a day ago, the Nikkei is trading 0.76% lower.
