FxWirePro:Nikkei225 faces strong resistance at 16500, good to sell on rallies
Major intraday resistance- 16440 (55- HMA). Nikkei225 has declined slightly after making a high of 16423 at the time of writing .It is currently trading around 16391. The index is trading slightly above Tenken-Sen (16376…
Nikkei225 has declined slightly after making a high of 16423 at the time of writing .It is currently trading around 16391.
The index is trading slightly above Tenken-Sen (16376) and below kijun-sen (16421).But it should close above 55- H EMA (16440) for further bullishness.
On the higher side, next immediate resistance is around 16440 (55 H EMA) and any break above will take the index till 16650 (38.2% retracement of 17159 and 16333)/16722 (200- HMA). .
The major support is around 16260 (38.2% retracement of 14823 and 17159) and any break below 16260 will drag the pair till 16035 (cloud bottom).
It is good to sell on rallies around 16500-525 with SL 16725 for the TP of 16035
