Is the Nikkei a Buy?
If you follow the stock indexes you would know that for the most part, they have all been on a tear. In actual fact, the Nikkei (Japanese Stock Index) has been one of the strongest performers in recent times.
While the S&P 500 has been publicly making record highs each day, the Nikkei has rallied from 19300 to its current level, which is just shy of 22,000.
I like the look of this pullback from a technical level. It’s put in a nice bullish candle and the momentum is clearly to the upside. I don’t think we can argue that stocks are fundamentally overbought and expensive. That doesn’t mean that the trend is stopping anytime soon.
I like a buy around 21,900. We also have a current buy signal out on the Nikkei, highlighting just how strong we think the index is at the moment.
Nikkei – 240 min Chart.
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