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FxWirePro: Nikkei225 trades flat, good to sell on rallies

Tuesday, August 2, 2016 2:15 AM UTC

Major Support -16240 (Jul 26th low) .
Major resistance- 17000
Nikkei225 has retreated after making a high of 16657 and declined till 16380 at the time of writing .It is currently trading around 16450.
The minor resistance is around 16586 (4 Hour Kijun-Sen) any break above targets 16850.It should break above 17250 (200 day MA) for further bullishness.
On the lower side immediate support is around 16240 (Jul 26th low) and any break below targets 16000/15876 (daily Tenken-Sen).

It is good to sell on rallies around 16550-16600 with SL around 16800 for the TP of 16240/16000.

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FxWirePro: Nikkei225 trades flat, good to sell on rallies

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