Nikkei 225 index can be expected to rise toward the next resistance level 3400.00.
– Nikkei 225 index stopped by the major support area
– Likely to return back to resistance level 3400.00
Nikkei 225 index continues to recover after the earlier sharp selloff which was stopped by the major support area located between the key support level 30200.00 (former strong resistance from 2021 and the major support from 2023), lower weekly Bollinger Band and the 61.8% Fibonacci correction of the weekly uptrend from the start of 2022, as can be seen from the weekly Nikkei 225 index chart below. The upward reversal from thus support zone is aligned with the clear multi-year uptrend that can be seen on the daily and the weekly Nikkei 225 index charts.
Given the weakening of the bearish sentiment that can be seen across the equity markets, Nikkei 225 index can be expected to rise further toward the next resistance level 3400.00.
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