The Japan 225 (Nikkei) is consolidating just beneath a major resistance level around 38,776, forming a classic ascending triangle pattern. Price has been compressing into higher lows while repeatedly testing the horizontal ceiling, hinting at a potential bullish breakout.
Key Technical Observations:
Pattern Structure: The ascending triangle, defined by rising trendline support and horizontal resistance, suggests bullish pressure is building.
Moving Averages: Price trades above both the 50-day and 200-day SMAs, reinforcing the medium-term bullish trend.
MACD: Remains flat but in positive territory, indicating underlying strength even amid consolidation.
RSI: At 58.7, RSI is neutral to bullish, showing room for further upside before entering overbought territory.
A confirmed breakout above the 38,776 resistance would validate the ascending triangle and potentially trigger a fresh bullish leg. Conversely, a break below the rising trendline would invalidate the pattern and suggest deeper consolidation or correction.
This setup favors bulls as long as the higher lows remain intact. A decisive daily close above resistance could accelerate momentum toward new highs.
-MW
Key Technical Observations:
Pattern Structure: The ascending triangle, defined by rising trendline support and horizontal resistance, suggests bullish pressure is building.
Moving Averages: Price trades above both the 50-day and 200-day SMAs, reinforcing the medium-term bullish trend.
MACD: Remains flat but in positive territory, indicating underlying strength even amid consolidation.
RSI: At 58.7, RSI is neutral to bullish, showing room for further upside before entering overbought territory.
A confirmed breakout above the 38,776 resistance would validate the ascending triangle and potentially trigger a fresh bullish leg. Conversely, a break below the rising trendline would invalidate the pattern and suggest deeper consolidation or correction.
This setup favors bulls as long as the higher lows remain intact. A decisive daily close above resistance could accelerate momentum toward new highs.
-MW
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