Nikkei rose 2.21%, or 609.31 pts, to close at 29388.50 today, highest level in 30 years. The up trend from 16358.19 has just resumed. The index was contained well above rising 55 day EMA in the prior pull back, suggesting that some upside acceleration could be seen. Focus will be on whether daily MACD could break through the trend line resistance in next move, as well as the reaction to medium term channel resistance.
But in any case, outlook will stay bullish for now as long as 27619.80 support holds. 30k psychological level is the next target. But real obstacle is 100% projection of 6994.89 to 24129.34 from 16358.19.
