- The market is moving sideways, with no new lows or highs since summer 2023.
The long-term trend remains neutral.
- In the shorter term, the market is locked in a trading range (orange) of around 1600 points, framing prices between 32,230.0pts and 33,855.0pts.
At the beginning of December 2023, after hitting the lower limit of its trading range, the market recorded a strong rebound leading prices to their upper limit.
Since then, and even if the market has not managed to clear its first resistance level at 33.855, prices continue to move above a medium-term bullish trend line.
Even the recent earthquake in Japan a few days ago failed to reverse the bullish sentiment on the index.
The two moving averages remain bullish, providing dynamic support for prices while the RSI indicator confirms the continuation of the short-term bullish scenario by displaying no break in its trend line.
- As long as prices remain above 33,000.0 points, the bullish scenario should prevail in the short/medium term. The next target remains around 33,855.0pts while other resistances can be located around 34,460.0pts, 35,450.0pts and even further if the market ever breaks out of its trading range from above.
The long-term trend remains neutral.
- In the shorter term, the market is locked in a trading range (orange) of around 1600 points, framing prices between 32,230.0pts and 33,855.0pts.
At the beginning of December 2023, after hitting the lower limit of its trading range, the market recorded a strong rebound leading prices to their upper limit.
Since then, and even if the market has not managed to clear its first resistance level at 33.855, prices continue to move above a medium-term bullish trend line.
Even the recent earthquake in Japan a few days ago failed to reverse the bullish sentiment on the index.
The two moving averages remain bullish, providing dynamic support for prices while the RSI indicator confirms the continuation of the short-term bullish scenario by displaying no break in its trend line.
- As long as prices remain above 33,000.0 points, the bullish scenario should prevail in the short/medium term. The next target remains around 33,855.0pts while other resistances can be located around 34,460.0pts, 35,450.0pts and even further if the market ever breaks out of its trading range from above.