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FxWirePro: Nikkei225 recovers after making a low of 15837,good to sell on rallies

  • Major resistance  - 16600
     
  • Major support - 15800
     
  • Nikkei index slightly recovered  after making a low of 15837.It is currently trading around 16072.
     
  • Short term trend is  bearish as long as resistance 16600 holds.
     
  • The index minor resistance is around 16200 and any break above will take the index to next level 16375(55 day H EMA)/16600/16800.
     
  • On the lower side major support is around 15800  and break below will drag the index down till 15500/15325 in short term. .
      
  • Short term trend reversal  can be seen only below 15000.

It is good to sell on rallies around 16300 with SL around 16600 for the TP of 16000/15550

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