FxWirePro:Nikkei retreats slightly form the high of 17062, good to buy on dips
Nikkei225 declined sharply after making a high of 17062.It has closed slightly below psychological level 17000 yesterday.Japanese index has made a low of 16812 yesterday and recovered slightly from that level. It is curr…
Nikkei225 declined sharply after making a high of 17062.It has closed slightly below psychological level 17000 yesterday.Japanese index has made a low of 16812 yesterday and recovered slightly from that level. It is currently trading around 16902.
Technically in the daily chart the index faces support at 10- day MA at 16740 and so any minor weakness can be seen only below that level.
On the higher side, resistance is around 17159 (Sep 2nd 2016 high) and any break above targets 17300/17500.Nikkei should break above 17159 for further bullishness.
The major support is around 16676 (daily Kijun-Sen) and any break below targets 16543 (200-day MA).
It is good to buy on dips around 16900 with SL 16700 for the TP of 17150/17300.
