• Nikkei 225 index reversed from support area
• Likely to rise to resistance level 28255.00
Nikkei 225 index continues to rise after the price reversed up from the support area lying between the multi-month support level 27240,00 (which has been reversing the index from the middle of March) and the lower daily Bollinger band. The upward reversal from this support area stopped the previous minor ABC correction (ii) from the end of July.
Given the strength of the aforementioned support area, Nikkei 225 index can be expected to extend the gains toward the next resistance 28255.00 (which stopped the previous minor waves (i) and (b)). Strong support remains at the support level 27240.00.