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May 24, 2023Today at a glance: the Nikkei ended the session around the 30,683 level today, after yesterday's 275.09 points decline and close at 30,958.
Meanwhile, Japan Services PMI came out at 56.3, while a consensus of analysts was expecting 55.2.
Concerning technical analysis and more specifically, trend indicators, despite being in the red so far in the current trading session, Nikkei peaked above its 3 day Simple Moving Average around 30,746 — typically an early indicator of a new bullish trend beginning to emerge. According to momentum evaluation, according to technical analysis of the Nikkei's Relative Strength Index (RSI), the market is currently overbought. According to asset volatility analysis, the Nikkei's upper Bollinger Band® is at 31,173 which indicates a further downward move may follow. Technical analysis shows that the Nikkei could begin to recover as it approaches significant support, now 160.14 points away from 30,523. Dipping below could be an indication that further losses are ahead.
Notwithstanding the Nikkei's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, FTSE is down to 7,627, losing 136 points, after ending the previous session around 7,763. DAX drops 1.92% today and closed at 16,153. CAC falls 1.7% today and closed at 7,378.71.
Furthermore, Japan Tokyo Core CPI (YoY) (May) scheduled to come out tomorrow at 23:30 UTC. Japan CPI Tokyo Ex Food and Energy (MoM) (May) is expected tomorrow at 23:30 UTC.
The index has been trending positively for about a month. The Nikkei is up 200,664% from the significant low of 15.42 it hit 8 months ago.
