Today at a glance: after ending yesterday at 27,446, the Nikkei went up to 27,531 only to drop back, yet still traded well overall and closed at 27,517 today.
Technical analysis of the Nikkei's past price action reveals multiple support and resistance levels: Nikkei could be slowing down soon as it approaches resistance at 27,554. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that the Nikkei made an initial breakout above its 21 day Simple Moving Average at 27,500, 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 27,819, 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.
Other markets are also showing gains as Hang Seng rallies 3.77% today and closed at 19,800.
At the same time, FTSE goes down 0.74% today and closed at 7,935. Dow Jones descends 0.71% today and closed at 32,900.
Elsewhere, Japan Capital Spending (YoY) (Q4) is scheduled for today at 23:50 UTC. Japan Tokyo Core CPI (YoY) (Feb) is scheduled for tomorrow at 23:30 UTC. Japan Jobs/applications ratio (Jan) is expected tomorrow at 23:30 UTC.
Trading mostly sideways for a month. The Nikkei hit a significant low of 15.42 around 5 months ago, but has since recovered 177,900%.