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 tumb…
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.
