NIKKEI 225 (NKY) Heads Down For the 2nd Straight Day; Price Base in Formation Over Past 30 Days

The Hourly View for NKY

Last Updated June 10, 2021, 08:019 GMT

At the time of this writing, NIKKEI 225’s price is up 4.88 (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NIKKEI 225. Given that we see downtrend on the 20 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 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 is down 0.35% (102.76) since yesterday, marking the 2nd straight day a decline has happened. Relative to other instruments in the equity indices asset class, NIKKEI 225 ranked 10th since yesterday in terms of percentage price change. Below 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. 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. Or to view things another way, note that out of the past 14 days NIKKEI 225’s price has gone up 8 them.