MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.9 2020
1. Review
Last week's market closed up 1,348 points from the previous week at 24,325. The week's low was 23,096 on Monday the 2nd. The week's high was 24,389 on Monday the 6th. Furthermore, the closing price surpassed the weekly upper resistance line, making the outlook bullish. Therefore, the prior week's streak of bearishness was negated. Additionally, this closing price exceeded the Weekly Trend Indicator Point (TIP) on three of the four weeks. Also, since last week's market reached an intrayear high, the underlying trend was upgraded from "neutral" to "near an uptrend.".
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