- Pattern Formed- Ascending triangle pattern
- Major resistance- 17000
- Major support - 16280 (trend line joining 15088 and 15894).
- Nikkei225 has once again regained after making a low of 16554. It is currently trading around 16678.
- The index should break the psychological resistance 17000 for further bullishness.
- Short term trend is slightly bullish as long as trend line support 16280 holds.
- Any break above 17000 will take the index to next level 17220/17500. Extreme bullishness can be seen if the index closes above 17068 (200 day MA)..
- On the lower side immediate support is around 16548 (21 day MA) and any break below targets 16385 (55 day EMA)/16280/16000.
It is good to buy on dips around 16500 with SL 16250 for the TP of 17000/17250.
