FxWirePro:Nikkei225 struggles to break above daily-Kijun-Sen, good to sell on rallies
Nikkei225 has jumped sharply till 16737 yesterday and started to decline from that level.It is currently trading around 16441. The index has broken minor support at 16585 (daily Tenken-Sen) and declined below 100 - day M…
Nikkei225 has jumped sharply till 16737 yesterday and started to decline from that level.It is currently trading around 16441.
The index has broken minor support at 16585 (daily Tenken-Sen) and declined below 100 - day MA (10435) at the time of writing.
Technically in the daily chart the index is struggling to close above Kijun-Sen.Any break above Kijun-Sen confirms minor bullishness.
On the higher side, resistance is around 16585 (daily Tenken-Sen) and any break above targets 16705 (daily Kijun-Sen) /16835/ 17000/17159.Nikkei should break above 17159 for further bullishness.
The major support is around 16435 (100- day MA) and any break below targets 16260 (38.2% retracement of 14823 and 17159)/16000.
It is good to sell on rallies around 16550-600 with SL 16740 for the TP of 16386/16260.
