FxWirePro:Nikkei225 struggles to close above 17000, good to sell on rallies
Nikkei225 declined sharply after making a high of 16987 yesterday.Japanese index has made a low of 16829 yesterday and recovered slightly from that level. It is currently trading around 16704. Technically in the daily ch…
Nikkei225 declined sharply after making a high of 16987 yesterday.Japanese index has made a low of 16829 yesterday and recovered slightly from that level. It is currently trading around 16704.
Technically in the daily chart the index breaks 10- day MA at 16785 and declined till 16685 at the time of writing.
On the higher side, resistance is around 17159 (Sep 2nd 2016 high) and any break above targets 17300/17500.Nikkei should break above 17159 for further bullishness.
The major support is around 16657 (daily Kijun-Sen) and any break below targets 16538 (200-day MA).
It is good to sell on rallies around 16900 with SL 17060 for the TP of 16540.
