Nikkei 225 Technical Analysis Report 08 February, 2021

• Nikkei 225 broke powerful resistance level 28850.00
• Likely to rise to resistance level 30000.00

Nikkei 225 index continues to rise sharply after the price broke through the powerful resistance level 28850.00 (which stopped the previous sharp impulse wave 3 at the start of January). The breakout of this resistance level signals the acceleration of the already rather sharp uptrend and is the strong buy signal for this trading instrument. The price is currently moving inside the impulse wave 3 of the medium-term impulse sequence (5) from December.

Given the overriding uptrend that can be seen on the daily Nikkei 225 charts – the price is expected to rise further toward the next round resistance level 30000.00 (forecast price for the completion of the active impulse wave 3).

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