• Nikkei 225 reversed from key support level 26350.00
• Likely to rise to 27000.00

Nikkei 225 index recently reversed up from combined support area lying between the key support level 26350.00 (which has been reversing the index from the end of November), lower daily Bollinger Band 50% Fibonacci retracement of the previous upward impulse wave 1 and the upper trendline of the wide up channel from August. The upward reversal from the support level 26350.00 stopped the previous short-term corrective wave 2 from November.

Given the strength of the active uptrend and the market hopes that the newly found strain of the covid-19 virus can be contained by closing all borders with UK – Nikkei 225 is likely to rise further toward the next resistance level 27000.00 (top of the previous minor impulse wave 1 from the start of December).