• Nikkei 225 reversed from support zone
• Likely to test resistance level 30500.00
Nikkei 225 index recently reversed up from the support zone lying between the support level 29000.00 (former strong resistance from January), lower daily Bollinger Band, support trendline of the daily up channel from November and the 38.2% Fibonacci correction of the previous upward impulse from the middle of December. The upward reversal from this support zone started the active intermediate impulse wave (3).
Given the prevailing uptrend that can be seen on the daily and the weekly Nikkei 225 charts – the index can be expected to rise further toward the next resistance level 30500.00 (top of the previous impulse wave (1) from the middle of February).