MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Feb.1 2021
1. Review
Last week the Nikkei Stock Average closed down 968 points from the previous week at 27,663. The week's high was 28,822 on Monday, January 25. The week's low was 27,629 on Friday, January 29. The closing price for the week fell below the weekly support line, signaling weakness. Furthermore, since this closing price fell below the weekly Trend Indicator Point (TIP) after 11 weeks had been above it in the 12-week period, as stated in last week's report, “...we anticipate that within this week or next week there may be a downgrade to ‘neutral’,” the underlying trend has shifted from an ‘upward trend’ to ‘neutral.’
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