5.24 The Nikkei stock average is at milestone price
This article is not aiming to indicate or recommend trading timing.
Please make your own investment decisions.
The Nikkei Stock Average, which closed at the 28,400 level after a large decline following Golden Week, is being watched for moves in the Tokyo morning session.
As the rotation among stocks becomes more noticeable and volume gradually thins, a strong rise is unlikely, but downside should remain well-supported due to steadiness in overseas equities.
The internal environment is very weak, and the state of emergency areas are being added gradually. It is expected that the decision on extending the already declared emergencies in metropolitan areas will be announced sometime this week, and the extension is likely, so upward movement is very heavy.
For a return to a bullish market, the current level, which has repeatedly served as support since February this year, must be decisively broken through and re-supported, and I want to monitor this price range from the Tokyo market open.
If a breakout occurs and support is confirmed, I plan to follow with a long entry, but typically this level tends to attract selling on retracements.
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