NIKKEI 225 (NKY) Down 0.51%, is Inching Close to 20 Day Average; Doji Pattern Appearing on Chart

The Hourly View for NKY

Last Updated October 16, 2020, 00:05 GMT

At the time of this writing, NKY’s price is up $9.98 (0.04%) from the hour prior. This is the 2nd hour in a row NKY has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NKY. Given that we see downtrend on the 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

The back and forth price flow continues for NIKKEI 225, which started today off at 23507.23 US dollars, down 0.51% (119.5) from the previous day. Relative to other instruments in the equity indices asset class, NIKKEI 225 ranked 6th since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of NIKKEI 225.

NKY

NIKKEI 225 Technical Analysis

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. For another vantage point, consider that NIKKEI 225’s price has gone up 16 of the previous 30 trading days. As for those who trade off of candlesticks, we should note that we’re seeing doji pattern appearing here.