Technical analysis

Nikkei 225 Wave Analysis 22 April, 2021

• Nikkei 225 reversed from support area

• Likely to rise to resistance level 30000.

Nikkei 225 index previously reversed up from the support area located between the strong support level 28350.00 (which has been reversing the price from February 1) and the lower daily Bollinger Band.

The upward reversal from this support area created the daily candlesticks reversal pattern Piercing Line – which started the active impulse wave 3.

Nikkei 225 is likely to rise further toward the next resistance level 30000.00 (top of the waves (b), B, 1 and (b)).

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