The Nikkei 225 Index today edged higher by 0.48%, closing at 33,585.20, a positive move that continues its climb within this month’s upward trend. The index is operating above its pivot point of 33,376.34, with immediate resistance seen at 34,681.95 and further barriers at 35,060.63. On the downside, immediate support is marked at 32,729.76, with subsequent levels at 32,148.92 and 31,328.07.
The Relative Strength Index (RSI) suggests a reading of 65, approaching the overbought threshold but still indicating a bullish sentiment in the market. The index’s performance is further bolstered as it remains well above the 50 EMA, suggesting a continuation of the bullish trend in the short term.
Chart patterns have shown a consistent upward channel, and recent candlestick analysis indicates sustained buying pressure. If this pattern holds, the implication is that the Nikkei 225 may soon test its immediate resistance levels.
In conclusion, the overall trend for the Nikkei 225 is bullish, with technical indicators aligning to suggest the potential for further upside.
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