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May 13, 2023
Thursday ended at 29,127; during yesterday's session the Nikkei rallied above 29,426 for the first time in 1 year, gaining 273.28 points and closing at 29,400.
At the same time, Japan CFTC JPY speculative net positions released yesterday at 20:30 UTC with a figure of -61,000, while the previous figure was -68,300.
A study of the Nikkei's chart reveals various key levels to watch: Nikkei could be slowing down soon as it approaches resistance at 29,500. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that the Nikkei's upper Bollinger Band® is at 29,564, this is a slight indication of a slowdown.
Notwithstanding the Nikkei's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
The Nikkei shows positive signs, other assets are also on par: FTSE added 0.31% and closed around 7,730.58 yesterday.
At the same time, after ending yesterday's session at 2,491, KOSPI Composite Index lost 15.58 points and is trading around 2,475.42. Hang Seng lost 0.59% yesterday and closed at 19,744.
The index has been trending positively for about a month. Having set a significant high of 29,418 a day ago, the Nikkei is trading 0.99% lower.
