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June 17, 2023
After closing at 33,500 Thursday, the Nikkei gained 200 points yesterday and hit a new record high of 33,773.
At the same time, Japan CFTC JPY speculative net positions released yesterday at 20:30 UTC with a figure of -104,000, while the previous figure was -104,800. Japan Interest Rate came out at -0.1, while a consensus of analysts was expecting -0.1.
Nikkei has crossed the upper Bollinger Band® at 33,221, a potential sign that further gains are to follow. In contrast, 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.
Overall, looking at the technical analysis landscape, it seems the Nikkei likely to continue pointing upward in the short term.
The Nikkei shows positive signs, other assets are also on par: ASX 200 is trading around 7,251.2 after ending yesterday's session at 7,175.3 (up 1.06% today). CAC is trading around 7,388.65 after ending yesterday's session at 7,291 (up 1.34% today). Hang Seng is trading around 20,040 after ending yesterday's session at 19,829 (up 1.07% today).
The index has been trending positively for about 2 months. The Nikkei hit a significant low of 15.42 around 9 months ago, but has since recovered 217,056%.
