Jpn225: high level continuous downward

Fundamental analysis:

The Nikkei 225 index closed down 20.64 points, or 0.07%, at 28921.50 on Friday, August 19. Since Japan entered the "seventh wave" epidemic in mid July, the number of confirmed infections has reached new highs. As of August 17, the cumulative number of newly confirmed cases in Japan in the last month exceeded 6 million. On the 18th, more than 255000 new cases were confirmed in Japan on a single day, again reaching a record high. At present, medical resources in many places in Japan are tight, and the utilization rate of coronavirus beds in the main island area of Okinawa Prefecture has exceeded 100%.

Nikkei index jpn225 - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the power of high-level short bears maintained a downward trend, while the power of short-term short bears began to wait for the opportunity to enter the market. The market short sentiment was shrouded, the MACD index remained in the downward trend in the long region, and the RSI index hovered below the 50 equilibrium line;

Long and short turning point: 28735

Pressing position: 28850, 28963

Support position: 28605, 28500

Trading strategy: bearish below 28735, targets 28605 and 28500

Alternative strategy: bullish above 28735, target 28850, 28963