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Add as a preferred source on Google FxWirePro: Nikkei225 faces strong resistance at 17000, good to buy on dips Nikkei225 has jumped from the low of 16774 made on Friday. It is currently trading around 16884. The index should break the temporary top formed at 16930 (Jul 21st 2016 high) for further bullishness. Short term trend is …
By FxWirePro Team Aug 15, 2016, 3:29 AM UTC
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Nikkei225 has jumped from the low of 16774 made on Friday. It is currently trading around 16884.
The index should break the temporary top formed at 16930 (Jul 21st 2016 high) for further bullishness.
Short term trend is slightly bullish as long as resistance 16498 holds.
Any break above 17000 will take the index to next level 17100/17500. Extreme bullishness can be seen if the index breaks above 17100 (200 day MA).
On the lower side immediate support is around 16740 (90 H EMA) and any break below targets 16500/16200/16000.
It is good to buy on dips around 16700 with SL 16490 for the TP of 17000/17100.
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