FxWirePro: Nikkei225 hits 2-1/2 week low on US election uncertainty, good to sell on rallies
Friday, November 4, 2016 2:48 AM UTC
- Major resistance - 17290 (200- H MA)
- Major support - 16800
- Nikkei225 declines to two- and half week low on uncertainty over U.S election as continuously for the past two days on US elections uncertainties. The index tumbled 1.9% to 16803, the lowest till Oct 17th.
- Technically index has slightly recovered after declining til 16804 at the time of writing .But short term trend is still weak as long as resistance 17290 holds.
- On the higher side, minor resistance is around 16965 (10- H MA) and any break above will take the index to next level till 17075 (55- H EMA)/1 7300/17500.
- The index immediate support is at 16800 and any break below will drag the index down till 16500/16200 in the short term.
It is good to sell on rallies around 17150 with SL 17300 for the TP of 16870/16520.