FxWirePro: Nikkei225 downside capped by 38.2% fibo, good to buy on dips
Major support - 16260 (38.2% retracement of 14823 and 17159). Nikkei225 has recovered sharply after declining till 16311 on Friday.It is currently trading around 16621. The index has broken minor resistance at 16585 (dai…
Major support - 16260 (38.2% retracement of 14823 and 17159).
Nikkei225 has recovered sharply after declining till 16311 on Friday.It is currently trading around 16621.
The index has broken minor resistance at 16585 (daily Tenken-Sen) and a slight jump till 16705 (daily Kijun-Sen) is possible.
Technically in the daily chart the index is struggling to close above Kijun-Sen.Any break above Kijun-Sen confirms minor bullishness.
On the higher side, resistance is around 16705 (daily Kijun-Sen) and any break above targets 16835/ 17000/17159.Nikkei should break above 17159 for further bullishness.
The major support is around 16435 (100- day MA) and any break below targets 16260 (38.2% retracement of 14823 and 17159)/16000.
It is good to buy on dips around 16500 with SL 16250 for the TP of 16735/17000
