. Nikkei 225 Index: Up Channel and Bullish Momentum - 18 May 2023

Nikkei 225 Index: Up Channel and Bullish Momentum

18 May 2023

Nikkei 225 Index: WEEKLY SCENARIO

Nikkei 225 Index Technical Analysis: Weekly Chart

In the weekly charts, Nikkei 225 was trading in an up channel. Nikkei 225 is currently trading above all SMA.

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 30000.00 the resistance level is at 32000.00

Nikkei 225 will trade in an up channel until there is a trend reversal.

Nikkei 225 Index Technical Analysis: Daily Chart

In the daily charts, Nikkei 225 was trading in an up channel. Nikkei 225 is currently trading above all SMA.

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bearishness.

Its immediate support is 29500.00 the resistance level is at 30500.00

Nikkei 225 will trade in an up channel until there is a trend reversal.

How to Trade Nikkei 225 this Week:

Nikkei 225 will follow the uptrend until its trend reversal. So, remain bullish on Nikkei 225. Moreover, it has broken the level of 30500.

TRADE SUGGESTION- BUY AT 30900.11, TAKE PROFIT AT 32000.00, AND STOP LOSS AT 30000.00.