NIKKEI 225 (NKY) Moves Up For the 3rd Consecutive Day, Price Base in Formation Over Past 14 and 30 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for NKY

Last Updated April 6, 2021, 03:018 GMT

At the time of this writing, NIKKEI 225’s price is down -35.03 (-0.12%) from the hour prior. NIKKEI 225 has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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

NIKKEI 225 came into today up 0.79% (235.25) from the open of yesterday, marking the 3rd consecutive day it has gone up. Out of the 14 instruments in the equity indices asset class, NIKKEI 225 ended up ranking 6th for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of NIKKEI 225.

NKY

NIKKEI 225 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 and 30 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that NIKKEI 225’s price has gone up 8 of the previous 14 trading days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!