The Nikkei Stock Average rebounded from the previous day, but upside was capped ahead of the 200-day moving average, and it subsequently pulled back toward the declining 10-day moving average.
The Nikkei Stock Average remained on a rebound trend, but, as on the previous day, struggled to gain ground ahead of the 200-day moving average (¥62,128 as of 11/13), and moved back toward the declining 10-day moving average (around ¥60,951). The close formed a bearish candlestick with a long upper shadow. The 9-day RSI rose from 33.2% to 39.7%, and the 5-day moving average turned upward, but the conversion line continued to decline.
In the short term, the rebound trend is likely to continue, but a period of consolidation below the 200-day moving average is expected, with a time correction in between. The next resistance levels include the 25-day moving average (around ¥63,445) and the psychologically significant ¥64,000 level. The high of ¥64,831 on 10/29 and the 100-day moving average (around ¥65,955) are also likely to attract attention. On the downside, potential reference levels include the conversion line, ¥59,000, ¥58,000, the low of ¥56,745 on 11/6, and the ¥56,000 and ¥55,000 levels.