FxWirePro: Nikkei225 faces strong support at 17200, good to buy at dips
Major resistance - 17200 (55 day 4 HEMA) Nikkei index is trading slightly positive around 0.31% in the morning session after Fed have kept interest rates unchanged.But markets awaits BOJ decision for further direction. T…
Nikkei index is trading slightly positive around 0.31% in the morning session after Fed have kept interest rates unchanged.But markets awaits BOJ decision for further direction.
The index has recovered after making a low of 17210 yesterday. It is currently trading around 17545.Short term trend is slightly bullish as long as support 17200 holds.
The index major resistance is around 17600 and any break above will take the index to next level 17800/18150/18300/18500.
On the lower side major support is around 17200 and break below will drag the index down till 16900/16650 (200 day 4 HMA) in short term. The minor support is around 17500 (7 day 4 EMA).
Short term weakness can be seen only below 15000.
It is good to buy at dips around 17400 with SL around 17200 for the TP of 17800/18000
