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FxWirePro:Nikkei225 trades slightly above 19000 level, good to buy on dips

Nikkei225 jumps in the early morning session and hits fresh 10 month high after crude prices rises on account of deal between OPEC and non OPEC . The index breaks psychological  resistance at 19000 and jumped till 19221. It is currently trading around 191214 0.45% lower.

Technically index is slightly bullish as long as support 18720 (7- day EMA) holds.

•On the higher side, major resistance is around 19300 and any break above targets 19445 (78.6% retracement of 20720 and 14730)/19600 in the short term.

•The index immediate support is at 18720 (7- day EMA) and any break below targets 18550 (10- day MA)/18280 (21- day MA)/ 18000.

•The index should break below 16800 for further weakness.

 It is good to buy on dips around 18750 for the TP of 18500 for the TP of 19440/19600.

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