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JPN225: High level wandering
2022-11-21
1291
Fundamental analysis:
The Nikkei 225 Index closed down 31.57 points, or 0.11%, at 27899.00 on November 18 (Friday). Japan's core consumer inflation rate reached a 40 year high of 3.6% in October. Kuroda said that the inflation rate is rising significantly, but as the impact of soaring fuel and raw material costs dissipates, the inflation rate may return to below 2% in the next fiscal year.
Nikkei index JPN225 - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the power of high short positions remains weak and moves downward. In the short term, it is hovering. The market short positions show signs of waiting for an opportunity to enter the market. The MACD index is in the weak position near the 0 axis and the RSI index is in the weak position near the 50 equilibrium line;
Empty turning point: 27968
Pressing: 28080, 28158
Support: 27,849, 27,765
Trading strategy: 27,968 lower bearish, target 27,849, 27,765
Alternative strategy: 27968 upper bullish, target 28080, 28158
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