NIKKEI 225 (NKY) 3 Day Down Streak Broken; in an Uptrend Over Past 30 Days

The Hourly View for NKY

Last Updated December 24, 2020, 03:019 GMT

Currently, NIKKEI 225’s price is up 10.01 (0.04%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NIKKEI 225 has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them 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’s 3 day negative streak has officially concluded, as the candle from yesterday closed up 0.33% (88.4). Out of the 14 instruments in the equity indices asset class, NIKKEI 225 ended up ranking 12th for the day in terms of price change relative to yesterday. The daily price chart of NIKKEI 225 below illustrates.

NKY

NIKKEI 225 Technical Analysis

Volatility for NIKKEI 225 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 additional context, note that price has gone down 6 out of the past 10 days.