FxWirePro: Nikkei225 faces strong resistance at 16600, good to sell on rallies

• Major intraday resistance  - 16200
   
• Major support - 15800
   
• Nikkei index slightly recovered  after making a low of 15821.It is currently trading around 16048.
   
• Short term trend is  bearish as long as resistance 16600 holds.
   
• The index minor resistance is around 16200 and any break above will take the index to next level 16375(200  4HMA )/16600/16800.
   
• On the lower side major support is around 15800  and break below will drag the index down till 15500/15325 in short term. .
    
• Short term trend reversal  can be seen only below 15000.

It is good to sell on rallies around 16300 with SL around 16600 for the TP of 16000/15550