MMA Weekly Report Nikkei Stock Average By Raymond Merriman Sep.21 2021
1. Reflection
Last week's Nikkei Stock Average closed up 119 points at 30,500 from the previous week. The week's high was 30,795 on Tuesday the 14th. The week's low was 30,202 on Thursday the 16th. Although the week's high approached the upper resistance line, it did not exceed it and pulled back. At the closing price, it was between the lower support line and the upper resistance line, so it was neutral but weak. However, this closing price had surpassed the Weekly Trend Indicator Point (TIP) for three consecutive weeks. Furthermore, because a new high was reached again last week, the overall trend has been upgraded from “almost an uptrend” to an actual uptrend.
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