NIKKEI 225 (NKY) Down 0.33%, Breaks Below 20 Day Average; Price Base in Formation Over Past 14 and 90 Days

The Hourly View for NKY

Last Updated May 28, 2021, 02:018 GMT

Currently, NIKKEI 225’s price is up 60.02 (0.21%) 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. 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 end of a 5 day positive run has come for NIKKEI 225, which finished the previous day down 0.33% (93.18). Out of the 14 instruments in the equity indices asset class, NIKKEI 225 ended up ranking 13th for the day in terms of price change relative to the previous day. The daily price chart of NIKKEI 225 below illustrates.

NKY

NIKKEI 225 Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NIKKEI 225 crossed below its 20 day moving average 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. Also of note is that on the 14 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.