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FxWirePro: Nikkei225 hits 2-1/2 week low on US election uncertainty, good to sell on rallies

  • 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.
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