Nikkei faces strong support at 15500, good to buy at dips
Tuesday, March 1, 2016 3:05 AM UTC
- Major resistance - 16575 (200 day 4 HMA)
- Major support -15500
- The index has retreated after making a high of 16525. It is currently trading around 15896.
- It is facing major resistance around 16575 and any break above 16575 confirms minor trend reversal, jump till 16700/17000/17250 is possible .
- On the lower side minor support is around 15500 and break below targets around 15200/14880 (200 day W MA).
- Short term trend reversal can be seen only above 17200.
It is good to buy at dips around 15750 with SL around 15500 for the TP of 16525
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