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Market to Watch: New Nikkei Bull?

CNBC.com
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.

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