FxWirePro:Nikkei225 struggles to close above 17000,good to sell on rallies
Nikkei225 is trading 0.30% in the Asian session after jumping sharply yesterday. Japanese index has once gain declined after making a high of 16967 yesterday . It is currently trading around 16892. The index has broken t…
Nikkei225 is trading 0.30% in the Asian session after jumping sharply yesterday. Japanese index has once gain declined after making a high of 16967 yesterday . It is currently trading around 16892.
The index has broken the high made on Sep 22nd at 16918 and jumped slightly from that level.
Technically in the daily chart the index is trading above Kijun-Sen.Any close above Kijun-Sen confirms minor bullishness.But it should break above psychological .at 17000.
On the higher side, resistance is around 17000 and any break above targets 17159.Nikkei should break above 17159 for further bullishness.
The major support is around 16705 (daily Kijun-Sen)and any break below targets 16605 (daily Tenken-Sen)/16438 (100- day MA).
It is good to sell on rallies around 16900-950 with SL 17160 for the TP of 16610/16450
