End of correction for Nikkei 225?
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End of correction for the Nikkei 225?
Technical chart of the Nikkei 225, the leading stock index in Japan
Source: tradingview.com
The Nikkei 225 has seen several strong days after bouncing from the support level at 27 000. During the last trading days, it looked like the price will stop at the upper border of the Envelopes (see technical chart above). However, there was some tailwind from politics today which led to another strong trading day.
In my version of the technical chart, the Nikkei 225 stopped at the limiting trendline. When looking at the Envelopes, the index is now overheated. The next two treading days will show if the Nikkei 225 will keep its momentum and overcome the limiting area. If so, and if confirmed by another candle, the index will have some potential to maybe 30 700 on the middle timeframe.
However, with a distance of roughly 5,7% from the SMA 20, it is unlikely that the index will continue at this speed.
Market Breadth Data for Nikkei 225
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