Technical Analysis – JP 225 index spots a potential pivot point on the downside
Posted on February 18, 2021 at 4:13 pm GMTJapan’s 225 stock index (cash) corrected below its 20-period simple moving average (SMA) in the four-hour chart after the dynamic bullish wave got exhausted near a more than a 30-year high of 30,711 last week. Although the RSI and the MACD continue to track the ongoing downward move, the Fibonacci retracement levels of the 27,578 – 30,711 up-leg seem to be well synced with previous pivot areas, increasing speculation that the index could change direction near the 23.6% Fibonacci level [..]