0055 GMT - The Nikkei Stock Average has staged a medium-term bearish breakdown from a previous four-month range configuration that was intact since late September 2024, based on the chart, Oanda's Kelvin Wong says in an email. The Nikkei Stock Average has broken below its 200-day moving average, which is now acting as key medium-term pivotal resistance at 38520, the senior market analyst notes. Also, the daily relative strength index remains bearish as it hasn't reached oversold territory, Wong says. Further potential weakness may be on the horizon to expose next medium-term support levels at 35250, 33740, and 33340, Wong adds. The Nikkei Stock Average is 0.1% lower at 37288.24. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
March 04, 2025 19:55 ET (00:55 GMT)
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