FxWirePro:Nikkei225 faces strong resistance at 16830, good to sell on rallies
Major support -16408 (100- day MA). Nikkei225 has recovered after making a low of 16508 yesterday.It is currently trading around 16683. The index has formed temporary top around 17159 and is struggling to break that leve…
Nikkei225 has recovered after making a low of 16508 yesterday.It is currently trading around 16683.
The index has formed temporary top around 17159 and is struggling to break that level. It should break above that level for further bullishness.
On the higher side, next immediate resistance is around 16835 (daily Tenken-Sen) and any break above will take the index to temporary top formed at 17000/17159/17330.
The major support is around 16410 (100-day MA) and any break below 16410 will drag the pair till 16260 (38.2% retracement of 14823 and 17159)/16035 (cloud bottom).
It is good to sell on rallies around 16800 with SL 17000 for the TP of 16525/16400
