• Nikkei 225 broke multiple resistance levels
• Likely to rise to resistance level 30750.00
Nikkei 225 index continues to rise after breaking multiple consecutive resistance levels: 29500, 29709, 30264 (monthly highs from June, May and April). Each of these resistance breakouts accelerated the active intermediate upward impulse wave (3). The price is currently aiming to the next major long-term resistance level 30750.00 (which stopped the previous extended ABC correction in February).
Given the clear daily uptrend – Nikkei 225 index can be expected to rise further toward the next resistance level 30750.00 – from where the index is lily to correct down on long-covering – given the overbought reading on both the daily Stochastic and RSI indicators.