Today at a glance: the Nikkei recovered back to 28,458 after dipping down to 28,242, in a session that followed yesterday's 28,416 close value.
With regards to technical trend indicators, chart analysis show that Nikkei made an initial breakout above its 10 day Simple Moving Average at 28,426, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that the Nikkei's upper Bollinger Band® is at 28,971, suggesting that a downward move may follow. The Nikkei's notable support and resistance levels: the Nikkei's resistance level is at 28,680.
Overall, while the Nikkei has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
While the Nikkei was pretty flat today, mixed performances were seen elsewhere as Dow Jones lost 0.68% today and closed at 33,531. CAC added 0.5% and closed around 7,466.66 today. KOSPI Composite Index went up by 0.44% today, and closed at 2,495.81.
Data to be released tomorrow might clear up some of the market fog as Japan BoJ Monetary Policy Statement will be released tomorrow at 03:00 UTC. Japan BoJ Outlook Report (YoY) is expected tomorrow at 03:00 UTC. Japan BoJ Press Conference is scheduled for tomorrow at 05:00 UTC.
The Nikkei has recovered 184,183% since descending to a significant low of 15.42 around 7 months ago.