Nikkei’s Mini Breakout – July 29, 2010

The Nikkei 225 is the major stock market index for the Tokyo Stock Exchange (TSE). By the way, the Tokyo Stock Exchange – the total market capitalization of its listed companies makes it the second largest stock exchange in the world next to the New York Stock Exchange. Thus, whatever happens  to the country as exhibited in this stock exchange definitely has a huge impact on the global stock markets. The Nikkei 225 is also the leading barometer of Japan’s economy along with the Topix. Some of the famous companies listed in the TSE are Sony, Toyota and Honda.

The Nikkei has broken out from its 3-month downtrend (indicated by the red circle) and could now head up north. However, it could encounter several resistances through its journey and the immediate one could be 9,807.36. If that marker gets cleared out, the next resistance could be 10,251.90. If the index suddenly starts marching towards the south-bound direction, the immediate support could be 9,176.12. If it slips and slides further below the 9,176.12 level, the next support could be the 9,000.00 psychological area.

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By: Al on July 29, 2010 at 6:44 pm