Technical analysis

Nikkei 225 Wave Analysis – 6 June 2023

– Nikkei 225 broke long-term resistance level 30735.00

– Likely to rise to resistance level 33000.00

Nikkei 225 index continues to rise sharply after the price broke through the major long-term resistance level 30735.00 (former Double Top from 2021).

The breakout of the resistance level 30735.00 coincided with the breakout of the weekly up channel from last year, which accelerated the active impulse waves 3 and (3).

Given the strong weekly uptrend, Nikkei 225 can be expected to rise further toward the next resistance level 33000.00.

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