Nikkei 225 Approaching The 30,000 Level
The Nikkei 225 more commonly called the Nikkei, is a stock market index for the Tokyo Stock Exchange (TSE). The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei 225 is calculated every 15 seconds during the Tokyo Stock Exchange's trading hours.
According to Wiktionary.org, nikkei (plural nikkeis or nikkei) is a Japanese emigrant or a descendant who is not a citizen of Japan and used in Japan to refer to people of Japanese ancestry that are living abroad as citizens of other countries.
In the 1980s, the Japanese stock market lost more than $2 trillion from peak to trough, coined the Lost Decade, the Nikkei still hasn’t reached its all-time high…but it is closing on the 30,000 level.
Japanese stock prices slid on Monday as investors took profits from recent gainers such as semiconductor-related shares following the market's rapid ascent to a three-decade high earlier this month.
The Nikkei average dropped 0.83% to 28,282.74, slipping further from its 30-year peak of 28,979 touched last week. Still, it was up 3.06% so far this month. The broader Topix lost 0.49% to 1,847.47.
"The market's rally over the last month has been so fast that many people are feeling that there's a bit of over-heating here," said Takeo Kamai, head of execution services at CLSA.
But there is no denying this momentum after the monthly candle broke out from a two year ceiling.
And the chart suggests further upside potential based on the monthly supply up above.
Thus, the chart suggests to go long at the daily demand at 27850.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Posted Using LeoFinance Beta
