FxWirePro:Nikkei225 recovers after making a low of 16641, good to buy on dips
Nikkei225 made a small jump till 16936 after making a low of 16646 on Oct 13th 2016. Japanese index has made a temporary top around 17062 on Oct 11th high. It is currently trading around 16901. Technically in the daily c…
Nikkei225 made a small jump till 16936 after making a low of 16646 on Oct 13th 2016. Japanese index has made a temporary top around 17062 on Oct 11th high. It is currently trading around 16901.
Technically in the daily chart the index is trading well above Tenken-Sen (16834) and Kijun-Sen (16657).Short term weakness can be seen only below 16701 (21- day MA).
On the higher side, resistance is around 17000 and any break above targets 17159 (Sep 2nd 2016 high)/17300/17500.Nikkei should break above 17159 for further bullishness.
The major support is around 16701 (21- day MA) and any break below targets 16532 (200-day MA).
It is good to buy on dips around 16650 with SL 16535 for the TP of 16800/17000/17160.
