Nikkei 225 Technical Analysis Report 27 November, 2020

  • Nikkei 225 reversed from key support level 26160.00
  • Likely to rise to 27000.00

Nikkei 225 index continues to rise after the price reversed up from the key support level 26160.00 (former resistance level which stopped the previous sharp upward impulse wave (i)), intersecting with the upper trendline of the recently broken up channel from August (acting as the support after it was broken). The upward reversal from the support level 26160.00 accelerated the active minor impulse wave (v) of the impulse sequence 3 from September.

Given the predominant uptrend and the rising risk-on sentiment seen across the global markets today – Nikkei 225 is likely rise further in the active impulse waves (v) and 3 toward the next resistance level 27000.00. Strong support remains at the support level 26160.00.


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