13 Aug

NIKKEI Stock Market Analysis: Improving data bullish for Nikkei

August 13, 2020

By IFCMarkets.com

Improving data bullish for Nikkei

Japanese economic data in the recent week were positive on balance. While machine tool orders declined over year more than forecast in July, the current account surplus rose in April and household spending decline over year was less than expected in June. And the producer prices decline over year was slower than forecast. Improving Japanese data are bullish for NIKKEI. On the other hand, preliminary Q2 GDP report will be published next Monday, and a steep drop in gross domestic report is expected. Worse than expected GDP report is a downside risk for Nikkei.

IndicatorVALUESignal
RSINeutral
MACDBuy
Donchian ChannelBuy
MA(200)Buy
FractalsNeutral
Parabolic SARBuy

 

Summary of technical analysis

OrderBuy
Buy stopAbove 23303.4
Stop lossBelow 21700.2

Market Analysis provided by IFCMarkets.com


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