Technical analysis

Nikkei 225 Wave Analysis 20 April, 2021

• Nikkei 225 broke support level 29200.00

• Likely to fall to support level 28275.00

Nikkei 225 index recently broke the support level 29200.00 intersecting with the 50% Fibonacci correction of the upward impulse 1 from last month.

The breakout of the support level 29200.00 accelerated the active minor impulse wave c of the ABC correction 2 from the start of April.

Nikkei 225 is likely to fall further toward the next support level 28275.00 (double bottom from March and the target for the completion of the active wave 2).

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