Nikkei staged another power full rally today after a gap up, gained 3.00% or 816.05 pts to 28040.16. Export-oriented shares led the rally, with help from recent decline in Yen change rate. Japan Prime Minister Fumio Kishida also promised to carry out solid counter-measures for rising prices of oil, raw materials and goods, to revive Japan’s economy”.
Nikkei’s break of 27880.69 resistance argues that corrective pull back from 30795.66 might have finished at 24681.74 already. Sustained of falling channel resistance (now at 26650) will affirm this bullish case and pave the way to retest 30795.77 high.
In the bigger picture, 38.2% retracement of 16358.19 to 30795.77 at 25280.61 is seen as being defended already, despite a brief breach earlier this month. The break above 55 week EMA is also a positive sign. Up trend from 16358.19 might be ready to resume during next quarter.
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