MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Apr.17 2023

1. Review

Last week, the Nikkei Stock Average closed up 975 points from the previous week, at 28,493. The week's low was 27,597 on Monday the 10th. The week's high was 28,515 on Friday the 14th. Since the close for the week exceeded the resistance line for the week, the tone was bullish. Furthermore, the weekly close price exceeded the Weekly Trend Indicator Point (TIP) for three consecutive weeks, so the underlying trend has been upgraded from “neutral” to “upward trend.”

2. Cycles

As explained in the December issue of “Forecast 2023,” there exists a long-term market cycle of 17 years in the Nikkei Stock Average. Its starting point is October 28, 2008, at 6,994. 2023 marks the 15th year of this cycle. This cycle is divided into two halves by an 8.33-year cycle, with the first half ending at a “double bottom” formed by 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The second half (the 2nd – 8.33 year cycle) has begun from here.

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