FxWirePro: Nikkei225 faces strong resistance at 16800, good to sell on rallies
Major support - 16,250 ( 50% retracement of 1770 and 14770) Major resistance - 16850 (90 day EMA) Nikkei Index has once again pared gains after making a high of 16807 yesterday. It is currently around 16568. Short term t…
Major support - 16,250 ( 50% retracement of 1770 and 14770)
Major resistance - 16850 (90 day EMA)
Nikkei Index has once again pared gains after making a high of 16807 yesterday. It is currently around 16568.
Short term trend is slightly weak as long as resistance 17000 holds.
The index major resistance is around 16850 (90 day EMA) an any break above will take the index to next level 17000/17250.
On the lower side major support is around 16500 (daily Kijun-Sen) and any break below will drag the index down till 16,250 (50% retracement of 14770 and 17770) /15800 in the short term.
Short term trend reversal can be seen only below 15,000.
It is good to sell on rallies around 16600-650 with SL around 16860 for the TP of 16255/16000
