Market to Watch: New Nikkei Bull?

Monday, 15 Jun 2009 | 6:14 AM ET

Japan's stock market is in a "prime uptrend" and is going into a new bull market due to the resilience of the country's economy, Robin Griffiths, technical strategist at Cazenove Capital said Monday.

New Bull Market for the Nikkei: Charts
Japan's stock market is in a "prime uptrend" and is going into a new bull market, Robin Griffiths from Cazenove Capital said Monday. And get used to $50-$70 oil, he told CNBC. Griffiths also looked at charts for the 30-year US T-Note yield and Barclays.

The Nikkei 225 Average is in a "prime uptrend," Griffiths told CNBC. "It's made a base and it's broken the downtrend line… It's going into a new bull market."

"It's (Japan) got a very resilient economy; able now to do business with Asia, and not rely so much on just selling stuff to the West," he added.

On Monday, the Nikkei was down nearly 1 percent, after having closed above the 10,000 level last week for the first time in 8 months.


Contact Europe News


    Get the best of CNBC in your inbox

    › Learn More

Europe Video

  • Jan Dunning, CEO of St Petersburg-headquartered hypermarket chain Lenta, says the situation in Ukraine has had no impact on the group, as consumer confidence remains unaffected in Russia.

  • Vincent Deluard, European strategist at Ned Davis Research Group, says the strong euro is a problem for the region's companies, especially for the large exporters.

  • European shares closed higher on Thursday as investors brushed aside concerns regarding Ukraine and focused instead on Wall Street earnings and the latest U.S. jobs data.