Nikkei 225 Wave Analysis 12 March, 2021

• Nikkei 225 reversed from support level 29000.00

• Likely to rise to resistance level 30550.

Nikkei 225 index recently reversed up from the key support level 29000.00 (former Tipple Top from January).

The support zone near support level 29000.00 was strengthened by the lower daily Bollinger Band, 50-day moving average and by the support trendlines of the 2 price channels from February and December.

Nikkei 225 index can be expected to rise further next resistance level 30550.00 (which stopped the previous impulse wave 3 last month).