NIKKEI 225 (NKY) Down 0.19%, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for NKY

Last Updated February 19, 2021, 23:18 GMT

At the time of this writing, NIKKEI 225’s price is up 60.01 (0.2%) from the hour prior. The hourly chart shows that NIKKEI 225 has seen 3 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NIKKEI 225. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NIKKEI 225 Daily Price Recap

NIKKEI 225 came into today down 0.19% (56.1) from the open of the previous day, marking the 2nd consecutive day a decline has happened. Relative to other instruments in the equity indices asset class, NIKKEI 225 ranked 3rd since the previous day in terms of percentage price change. Here is a daily price chart of NIKKEI 225.

NKY

NIKKEI 225 Technical Analysis

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. For another vantage point, consider that NIKKEI 225’s price has gone up 6 of the previous 10 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.