NIKKEI 225 (NKY) Down 0.19%, Breaks Below 50 Day Average; Price Base in Formation Over Past 30 Days

The Hourly View for NKY

Last Updated June 9, 2021, 19:20 GMT

At the moment, NIKKEI 225’s price is down 0 (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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 NIKKEI 225. 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 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

28963.56 was the closing price of the day for NIKKEI 225, resulting in today being one in which price moved down 0.19% ($55.68) from yesterday. 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. Let’s take a look at the daily price chart of NIKKEI 225.

NKY

NIKKEI 225 Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NIKKEI 225 crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 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. For another vantage point, consider that NIKKEI 225’s price has gone up 9 of the previous 14 trading days.