• Nikkei 225 reversed from support area
• Likely to rise to resistance level 27710.00
Nikkei 225 index recently reversed up from the support area located between the major support level 27000.00 (which has been reversing the price from the start of January) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer, highlighted on the daily Nikkei 225 index chart below.
Given the proximity of the aforementioned support area, Nikkei 225 index can be expected to be expected to rise further toward the next resistance level 27710.00 (former support level from the start of August).