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. Techni…
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.
