NIKKEI 225 (NKY) Underperforms All equity indices, Breaks Below 100 Day Average; Price Base in Formation Over Past 30 Days

The Hourly View for NKY

Last Updated April 22, 2021, 03:018 GMT

At the moment, NIKKEI 225’s price is up 99.7 (0.34%) from the hour prior. NIKKEI 225 has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above it. 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

NIKKEI 225 closed the day prior down 2.03% (591.83); this denotes the 2nd consecutive day a decrease has occurred. Those trading within the equity indices asset class should know that NIKKEI 225 was the worst performer in the class today. Let’s take a look at the daily price chart of NIKKEI 225.

NKY

NIKKEI 225 Technical Analysis

Notably, NIKKEI 225 crossed below its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 14 day timeframe. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 18 out of the past 30 days.