FxWirePro:Nikkei225 downside capped by 38.2% retracement,good to buy on dip
Nikkei225 has recovered sharply till 16510 from the low of 16253 made at the time of writing.It is currently trading around 16495. Short term trend is slightly bullish as long as resistance 17000 holds. Technically in th…
Nikkei225 has recovered sharply till 16510 from the low of 16253 made at the time of writing.It is currently trading around 16495.
Short term trend is slightly bullish as long as resistance 17000 holds.
Technically in the daily chart the index is trading well below Kijun-Sen (16735) and well above Tenken-Sen (16615).It should break above 10- day MA for slight bullishness.
On the higher side, resistance is around 16525 (10- day MA) and any break above targets 16616 (daily Tenken-Sen)/16737 (daily Kijun-Sen)/ 17000/17159.Nikkei should break above 17159 for further bullishness.
The major support is around 16250 (38.2% retracement of 14823 and 17159) and any break below targets 16000.
It is good to buy on dips around 16400 with SL 16250 for the TP of 16730/16800
