MMA Weekly Report Nikkei Stock Average By Raymond Merriman May.23 2022
1. Overview
Last week, the Nikkei 225 ended at 26,739, up 311 points from the previous week. The week's high was 27,053 on Wednesday the 18th. The week's low was 26,150 on Thursday the 19th. Although the weekly high exceeded the upside resistance line, the closing price fell short, triggering a bearish signal. However, since this closing price exceeded the Weekly Trend Indicator Point (TIP) after five out of six weeks under the TIP, the overall trend was downgraded again from a “downtrend” to “neutral.”
And in last week's report, it stated within the “technical downside support line and upside resistance line” that the Weekly Trend Indicator Point is 26,582. If the closing price for the week surpasses this level, the trend would be upgraded from “downtrend” back to “neutral.” We expect this upgrade to occur within the next four weeks.
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