FxWirePro:Nikkei2225 hits fresh year high on OPEC deal, good to buy on dips

Nikkei225 hits year high and is trading well above 18482 recent high made on account of OPEC production cut deal. It is currently trading at 18727 0.63% higher.

OPEC  reached a deal  yesterday for a production cut by 1.2 million barrels per day. OPEC nations currently produces 33.5 million barrels per day and after the yesterday deal production will be reduced to 32.5 million barrels per day.

•Technically index is slightly bullish as long as support 18280 (10- day MA) holds.

•On the higher side, major resistance is around 18800 and any break above targets 19000/19300 in the short term.

•The index immediate support is at 18400 (5- day MA) and any break below will drag the index down till 18280 (10- day MA)/18000 in the short term.

•The index should break below 16800 for further weakness.

 Nikkei2225 hits fresh year high on OPEC deal, good ot buy on di