FxWirePro: Niikei225 recovers slightly from the low of 16333, good to sell on rallies
Major support -16260 (38.2% retracement of 14823 and 17159). Major resistance- 16805 (200- HMA). Nikkei225 has declined slightly after making a high of 16511.It is currently trading around 16443. The index is trading sli…
Major support -16260 (38.2% retracement of 14823 and 17159).
Major resistance- 16805 (200- HMA).
Nikkei225 has declined slightly after making a high of 16511.It is currently trading around 16443.
The index is trading slightly above Tenken-Sen (16421) and kijun-sen (16450).But it should close above 55- H EMA (16510) for further bullishness.
On the higher side, next immediate resistance is around 16510 (55 H EMA) and any break above will take the index till 16650 (38.2% retracement of 17159 and 16333)/16800 .
The major support is around 16260 (38.2% retracement of 14823 and 17159) and any break below 16260 will drag the pair till 16035 (cloud bottom).
It is good to sell on rallies around 16550-600 with SL 16800 for the TP of 16035
