FxWirePro: Nikkei225 faces strong support at 17200, good to buy on dips
Minor Support - 17500 Nikkei225 jumped till 17704 and slightly declined from that level.The index is still holding above 17500 and is currently trading at 17659 0.25% higher. Technically index is slightly bullish as long…
Nikkei225 jumped till 17704 and slightly declined from that level.The index is still holding above 17500 and is currently trading at 17659 0.25% higher.
Technically index is slightly bullish as long as support 17200 holds.
On the higher side, major resistance is around 17800 and any close above targets 18000/18300.
The index immediate support is at 17425 (5- day MA) and any break below will drag the index down till 17250 (10- day MA)/16800 in the short term.
The index should break below 16800 for further weakness.
It is good to buy on dips around 17400 with SL 17200 for the TP of 17800/18000.
