• Nikkei 225 reversed from support area
• Likely to reach resistance level 30453.00
Nikkei 225 index recently reversed up from the support area lying between the key support level 28415.00 (which stopped the previous minor corrective wave (a) at the start of March), lower daily Bollinger Band, support trendline of the daily up channel from January and the 50% Fibonacci correction of the upward impulse from last December. The upward reversal from this support area stopped the previous minor ABC correction 2.
Given the prevailing uptrend and the improvement in risk sentiment across the global equities markets today – Nikkei 225 index can be expected to rise further in the active impulse waves 3 and (5) toward the next resistance level 30453.00 (which stopped the previous impulse waves 1 and (b)).