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FxWirePro:NIKKEI225 takes support at 21-day MA, good to buy on dips

  • Nikkei225 pared its losses made yesterday and jumped till 16810 at the time of writing.Japanese index has made a low of 16641 yesterday and recovered slightly from that level. It is currently trading around 16801.
     
  • Technically in the daily chart the index takes support around 16646(21-day MA) and any further weakness only below that level.
     
  • On the higher side, resistance is around 17000  and any break above targets 17159 (Sep 2nd 2016 high)/17300/17500.Nikkei should break above 17159 for further bullishness.
     
  • The major support is around 16640 (21- day MA) and any break below targets 16534 (200-day MA).

It is good to buy on dips around 16650 with SL 16535 for the TP of 16800/17000/17160.

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