FxWirePro: Nikkei trades weak on tightening US election race, good to sell on rallies
Major resistance - 17500 (trend line joining 16930 and 17159) Nikkei225 pared its gains yesterday on account of tightening US election race and stronger yen. It is currently trading around 17152. The index declined sharp…
Major resistance - 17500 (trend line joining 16930 and 17159)
Nikkei225 pared its gains yesterday on account of tightening US election race and stronger yen. It is currently trading around 17152.
The index declined sharply till 17137 at the time of writing after jumping till 17479 yesterday. All Asian indices was trading weak as Reuters/Ipsos opinion poll released on Monday shows Trumph leads by 1-2 percentage points against his rival Hilary Clinton.
Technically index is well below 10- day MA bullish and it confirms minor weakness, decline till 17075 (21- day MA)/16860 (daily Kijun-Sen)
On the higher side, resistance is around 17500 and any break above will take the index to next level till 17695/18000.
It is good to sell on rallies around 17300 with SL 17500 for the TP of 16870.
