Nikkei is extending gains above the weekly 100-MA

The Japanese benchmark equity index Nikkei continues its unprecedented bull run; extending gains above the weekly 100-MA level of 18,000.

The index opened the week above 18,000 levels and was last seen trading around 18,109 levels.

The news of an earthquake and Tsunami warnings did lead to a Yen strength, despite which the index has to remain in the positive territory.

Moreover, the overnight rise in the US stocks to record highs is adding to the bullish tone in the Nikkei.

Nikkei Technical Levels

The immediate resistance is seen at 18,031 (Dec 2015 high), which, if breached would open doors for 18,562 (Dec 2015 low). On the lower side, failure to hold above the weekly 100-MA of 18000 would expose a major support level of 17,561 (weekly 5-MA).