MMA Weekly Report Nikkei Stock Average By Raymond Merriman Feb.8 2021
1. Overview
Last week the Nikkei Stock Average closed up 1,115 points from the previous week at 28,779. The week's low was on Monday the 1st at 27,649. The week's high was on Friday the 5th at 28,785. The closing price for the week exceeded the weekly resistance level, shifting from bearish to bullish from the previous week. This can be seen as a classic example of the Mercury retrograde that began on January 30 (Japan time the 31st).
Furthermore, this closing price was followed by a week in which the Weekly Trend Indicator Point (TIP) was above it for 11 of 12 weeks, then fell below it the following week, and rose above it again the week after that. Therefore, the underlying trend remains neutral.
× ![]()