NIKKEI 225 (NKY) Down 0.4%, Breaks Below 50 and 100 Day Averages; Pin Bar Pattern Appearing on Chart

The Hourly View for NKY

Last Updated June 7, 2021, 02:018 GMT

At the time of this writing, NIKKEI 225’s price is down -74.97 (-0.26%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

NIKKEI 225 Daily Price Recap

28941.52 was the closing price of the day for NIKKEI 225, resulting in today being one in which price moved down 0.4% ($116.59) from the day prior. Out of the 14 instruments in the equity indices asset class, NIKKEI 225 ended up ranking 13th for the day in terms of price change relative to the day prior. Below is a daily price chart of NIKKEI 225.

NKY

NIKKEI 225 Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NIKKEI 225 crossed below its 50 and 100 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to view things another way, note that out of the past 14 days NIKKEI 225’s price has gone up 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.