Nikkei 225 under pressure ahead of Softbank profits as Sony shines
The Nikkei 225 index fell more than 1% today as traders waited for major profits from Japanese companies. The blue chip index is trading at 28,340 yen, which is slightly below the year-to-date high of 28,965 yen.
Nikkei 225 news: Today, Japan is mainly focused on the big profits of some of the biggest Japanese companies. Some of these companies that will report their profits are Chugai Pharmaceutical, Softbank, Mitsubishi UFJ, and Takeda. In addition, sogo shosha companies in which Warren Buffett has invested such as Sumitomo and Itochu will also publish their results. Nikkei Top movers: Sony is now the best performing company in the Nikkei 225 index. Its shares rose more than 10% after the company reported strong earnings, boosted by sales of PlayStation. The other best players are Chiyoda Corp, Alps Electric, Hitachi and Kawasaki. In contrast, the worst performers are Kao Corp, Z Holdings, Recruit Holdings and Marubeni.
Nikkei 225 technical outlook
The Nikkei Index found substantial resistance after the index hit a 31-year high at ¥ 28,965. The price also broke the 25 and 15 day moving averages as a divergence pattern formed, as shown by the Relative Strength Index (RSI). Therefore, the index is likely to remain under pressure in the short term. A cross above ¥ 28,965 will invalidate this price action.
Technical table of the Nikkei index