Nikkei 225 Technical Analysis Report 16 February, 2021

• Nikkei 225 broke resistance area
• Likely to test resistance level 32000.00

Nikkei 225 index continues to rise steadily after the index broke the resistance area lying between the key round resistance 30000.00 (which was set as the upward target in our previous forecast for this index) and the resistance trendline of the daily up channel from the end of November. The breakout of this resistance area accelerated the active minor impulse wave 5 of the intermediate upward impulse sequence (5) from the middle of December.

Given the strong uptrend that can be seen on the daily Nikkei 225 charts – the price is likely to rise further toward the next resistance level 32000.00 (forecast price calculated for the completion of the active impulse wave (5)).

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