MMA Weekly Report Nikkei Stock Average By Raymond Merriman May 24, 2021
1. Review
The Nikkei Stock Average closed last week up 233 points from the previous week, at 28,317. The week's low was 27,632 on Monday the 17th, and the week's high was 28,481 on Tuesday the 18th. The week's range moved between the lower support line and the upper resistance line, so the view was neutral. Although the week's close price fell below the Weekly Trend Indicator Point (TIP) for four out of five weeks, it did not surpass the low of the previous Friday the 13th, and on a weekly basis it ended with a positive candle, so the underlying tone remains near a “downtrend just about to be formed.”
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