MMA Weekly Report Nikkei Stock Average May.17 2021
1. Overview
Last week, the Nikkei Stock Average closed up 1,273 points from the previous week at 28,084. The week's high was on Monday the 10th at 29,685. The week's low was on Thursday the 13th at 27,385. Although the weekly high exceeded the resistance line, the closing price fell below the weekly support line, making the outlook extremely bearish. Furthermore, this closing price not only fell below the Weekly Trend Indicator Point (TIP) for three of the four weeks, but also updated the recent low, recording a large bearish candlestick on a weekly basis, indicating the underlying trend has downgraded from still “neutral” toward “near downward trend.”
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