The JP 225 index has been steadily rising recently, reaching its highest point since April 12th. Momentum indicators are showing a strong upward trend, indicating a potential uptrend in the near future.
The index had been trading sideways around its 50-day simple moving average for some time, but it has now broken above this key level and reached a two-month high. If the upward momentum continues, the next resistance levels to watch are at 39,950 and 40,564. Breaking through these levels could lead to a test of the all-time high at 41,147.
On the downside, a break below the 50-day SMA could signal a bearish trend, with potential support at 38,300 and 37,600. Further declines could see the index testing the April bottom at 36,690.
Overall, the recent breakout above the 50-day SMA, combined with positive momentum indicators, suggests that the JP 225 index could be starting an uptrend. Traders and investors will be closely watching for further confirmation of this potential trend reversal.
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