Technical analysis

Nikkei 225 Wave Analysis 5 May, 2021

• Nikkei 225 reversed from support level 28500.00

• Likely to rise to resistance level 29275.00

Nikkei 225 index recently reversed up from the key support level 28500.00 (which has been repeatedly reversing the index from the start of March).

The support area near the support level 1.5630 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci retracement of the upward price impulse from Decembers.

Nikkei 225 is likely to rise further toward the next resistance level 29275.00 (top of the previous impulse wave (i) from the end of April).

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