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May 15, 2023Friday ended at 29,400; during today's session the Nikkei rallied above 29,629 for the first time in 1 year, gaining 226.34 points and closing at 29,626.
Investors are seeking long positions as Nikkei price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. The Nikkei has just crossed its upper Bollinger Band® at 29,619, suggesting further gains could be on the cards. On the other hand, note that the Nikkei price action is currently oscillating around the 29,600 resistance level with prices moving above and below several times during the session.
Overall, looking at the technical analysis landscape, it seems the Nikkei might continue pointing upwards in the short term.
The Nikkei shows positive signs, other assets are also on par: Hang Seng goes up 1.75% today and closed at 19,627. Notably, FTSE rose 0.37% today and closed at 7,754.62. CAC climbs 0.46% today and closed at 7,415.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as Japan GDP is projected to outperform its last figure with 0.1, having previously been at zero. The figure will be published tomorrow at 23:50 UTC.
The market is looking forward to the release of new data: Japan GDP is projected to outperform its last figure with 0.7%. It previously stood at 0.1%; data will be released tomorrow at 23:50 UTC.
The index has been trending positively for about a month. The Nikkei hit a significant low of 15.42 around 7 months ago, but has since recovered 190,500%.
