JAPAN NIKKEI 225 INDEX (NKc1)

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Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. Below chart, Nikkei 225 Index futures is from the review section of the weekly report. It is featuring a possible ascending triangle continuation that is ready for breakout after several tests of pattern boundary.

JAPAN NIKKEI 225 INDEX FUTURES (NKc1)

Japan’s NIKKEI 225 index is trading above the 200-day average and possibly forming a short-term ascending triangle consolidation. The boundaries of the rectangle is 37.6K and 40.3K. Breakout above 40.3K will complete the ascending triangle with the price target of 43K. I am monitoring the index for a strong weekly close above the horizontal resistance. This week’s close was a borderline breakout. Another strong close will confirm the breakout from multi-month long consolidation.

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