FxWirePro:Nikkie faces strong support at 60- day EMA, good to sell on rallies
Nikkei is trading in narrow range between 19285 and 17796 for the past five trading session. The index is facing strong support at 60- day EMA and any break below confirms further weakness. The index is trading weak on a…
Nikkei is trading in narrow range between 19285 and 17796 for the past five trading session. The index is facing strong support at 60- day EMA and any break below confirms further weakness.
The index is trading weak on account of stronger yen and the pair has taken support near 100 -day EMA and slightly jumped from that level.It is expected to decline till 110.45 in the short term.
On the lower side , 18785 is acting as next immediate support and any break below targets 18638 (Jan 18th 2017 low)/18367 (100- day EMA).
The major weekly resistance is around 19030 (7- EMA) and any break above will take the index till 19140 (10- day MA)/19285 (Feb 1st high).
It is good to sell on rallies around 19000-19025 with SL around 19300 for the TP of 18450/18100.
