Major resistance - 19500 ( trend line joining 19698 and 19535)
Pattern formed - Symmetrical Triangle pattern
Nikkei has once again recovered after declining till 19014.It is currently trading at 19214 0.19% higher.
•The index retreated slightly from the high on account of good recovery in USD/JPY from the low of 111.69 and any further weakness can be seen only if it closes below 100- day EMA.It is currently trading around 113.It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side ,18980 (trend line joining 18224 and 18638) is acting as next immediate support and any break below targets 18598 (100 -day EMA) .
•The major weekly resistance is around 19245 (50 day MA) and any break above will take the index till 19390/19566/19698.
It is good to buy on dips around 19080-19100 with SL around 18980 for the TP of 19385/19500.
