MMA Weekly Report Nikkei Stock Average By Raymond Merriman Feb.22 2021
1. Review
Last week the Nikkei Stock Average closed up 497 points from the previous week at 30,017. The week's low was 29,662 on Monday the 15th, and the week's high was 30,714 on Tuesday the 16th. The closing price for the week, which remained above the weekly upper resistance line, signaled a bullish stance for the second consecutive week. Furthermore, this closing price surpassed the Weekly Trend Indicator Point (TIP) for the third consecutive week, reaching a fresh high not seen since August 1990. Consequently, the market's tone upgraded from “almost in an uptrend” to “in an uptrend.”
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