MMA Weekly Report Nikkei Stock Average By Raymond Merriman Oct.5 2020
1. Review
Last week's market, due to system trouble, halted all trading on October 1, but ultimately closed down 174 points from the previous week at 23,029. The week's high was 23,622 on Tuesday, September 29. The week's low was 22,951 on Friday the 2nd. Therefore, although the high exceeded the weekly upside resistance line, the close fell below the weekly downside support line, resulting in a very bearish state. This marks a continuation of bearishness. Furthermore, this closing price was below the Weekly Trend Indicator Point (TIP) for the second consecutive week. However, the underlying trend remains in a neutral state.
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