MMA Weekly Report Nikkei Stock Average By Raymond Merriman Aug.23 2021
1. Review
Last week the Nikkei Stock Average closed down 963 points from the previous week at 27,013. The week's high was 27,833 on Monday the 16th. The week's low was 26,954 on Friday the 20th. Because the closing price for the week fell below the lower boundary of the weekly support line, the tone was bearish. Furthermore, this closing price not only fell below the Weekly Trend Indicator Point (TIP) for the first time in three weeks, but also updated the cycle low, leading to a downgrade of the overall trend from “neutral” to “on the verge of a downtrend.”
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