Nikkei Down

Nikkei 225 Technical Analysis Report 12 August, 2021

• Nikkei 225 reversed from resistance area
• Likely to fall to support level 27500,00

Nikkei 225 index under the bearish pressure today after the price reversed down from the resistance area located between the pivotal resistance level 28255.00 (top of the previous minor correction (a) from the end of July), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse form the middle of June. The downward reversal from this resistance area stopped the previous minor correction (ii).

Given the strong daily downtrend – Nikkei 225 index can be expected to fall further toward the next support level 27500,00 (which has been repeatedly reversing the index from the start of this year).


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