NIKKEI 225 (NKY) Outperforms All equity indices, Crosses 20, 50 and 100 Day Moving Averages; Price Base in Formation Over Past 90 Days

The Hourly View for NKY

Last Updated May 31, 2021, 02:018 GMT

At the moment, NIKKEI 225’s price is down -89.97 (-0.31%) from the hour prior. The hourly chart shows that NIKKEI 225 has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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

The choppiness in the recent daily price action of NIKKEI 225 continues; to start today, it came in at a price of 29149.41 US dollars, up 2.1% (600.4) since the previous day. NIKKEI 225 outperformed all 14 assets in the equity indices asset class since the previous day. Below is a daily price chart of NIKKEI 225.

NKY

NIKKEI 225 Technical Analysis

First things first: NIKKEI 225 crossed above its 20, 50 and 100 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 30 days NIKKEI 225’s price has gone up 18 them.