FxWirePro: Nikkei225 forms Bearish Gartley pattern,good to sell on rallies
Pattern Formed- Bearish Gartley pattern. Potential Reversal Zone (PRZ) - 16920 The index has formed Bearish Gartley pattern in hourly chart and it is good to sell on rallies. Nikkei225 has once again retreated after jump…
The index has formed Bearish Gartley pattern in hourly chart and it is good to sell on rallies. Nikkei225 has once again retreated after jumping till 16852 at the time of writing.
It is currently trading around 16804.Short term trend is slightly weak as long as resistance 17000 holds.
On the higher side , the index is facing resistance around 17000 and any break above targets 17159/17300 in the short term.
Nikkei's minor support is around 16725 (daily Kijun-sen) and nay break below will drag the index down till 16594 (200- HMA)/16500.
It is good to sell on rallies around 16850-16900 with SL around 17000 for the TP of 16515
