MMA Weekly Report Nikkei Stock Average By Raymond Meriman Aug.31 2020
1. Review
Last week's market closed at 22,882, down 37 points from the previous week. The week's high was 23,431 on Tuesday the 25th, and the low was 22,594 on Friday the 28th. Therefore, although the weekly high surpassed the weekly upper resistance line, the weekly low fell below the weekly lower support line, and the closing price moved between the weekly lower support line and the upper resistance line, resulting in a mixed situation. This closing price was above the Weekly Trend Indicator Point (TIP) for three consecutive weeks, so by rights the trend should have been upgraded to an "upward trend," but on a weekly basis the close was a bearish candle, so the underlying trend remains in a "neutral" state.
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