NIKKEI 225 (NKY) Fares the Worst Out of equity indices, But Still in an Uptrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

The Hourly View for NKY

Last Updated April 7, 2021, 03:018 GMT

Currently, NIKKEI 225’s price is up 88.85 (0.3%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NIKKEI 225 has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on NKY; it is now pointing down. 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 end of a 3 day positive run has come for NIKKEI 225, which finished the previous day down 1.3% (392.62). On a relative basis, NIKKEI 225 was the worst performer out of all 14 of the assets in the equity indices asset class today. Here 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 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 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 17 them.