• Nikkei 225 reversed from support zone
• Likely to rise to resistance level 28688
Nikkei 225 index recently reversed up from the combined support zone lying at the intersection of the long-term support level 27305 (which has been steadily reversing this index from May of 2021 as can be seen from the daily Nikkei 225 index chart below) and the lower daily Bollinger Band). The upward reversal from this support zone stopped the previous medium-term ABC correction (ii).
Given the strength of the nearby support zone – Nikkei 225 index can be expected to rise further toward the next resistance level 28688 (which stopped the earlier minor correction (ii) at the start of this month).