• Nikkei 225 reversed from support area
• Likely to rise to resistance level 29000.00
Nikkei 225 index recently reversed up from the support area lying between the powerful support level 27500.00 (former monthly low from January and the resistance level from the end of December), lower daily Bollinger Band, 61.8% Fibonacci correction of the upward price impulse from December and the lower trendline of the daily down channel from February. The upward reversal from this support area started the active short-term corrective wave (iv).
Given the predominant uptrend – Nikkei 225 index can be expected to rise further toward the next round resistance level 29000.00 (target price for the completion of the active corrective wave (iv)).