Nikkei225 breaks 200 -day MA, jump till 16835/17000 likely
Nikkei225 has jumped sharply till 16675 at the time of writing after making a low of 16358 yesterday.It is currently trading around 16406. The index has broken major resistance at 16665 (200- day MA) and a slight jump ti…
Nikkei225 has jumped sharply till 16675 at the time of writing after making a low of 16358 yesterday.It is currently trading around 16406.
The index has broken major resistance at 16665 (200- day MA) and a slight jump till 16835/17000 is possible.
Technically in the daily chart the index is trading well below Kijun-Sen (16705) and well above Tenken-Sen (16585).Any break above Kijun-Sen confirms minor bullishness.
On the higher side, resistance is around 16705 (daily Kijun-Sen) and any break above targets 16835/ 17000/17159.Nikkei should break above 17159 for further bullishness.
The major support is around 16524(10- day MA) and any break below targets 16434 (100- day MA)/16260 (38.2% retracement of 14823 and 17159)/16000.
It is good to buy on dips around 16525 with SL 16430 for the TP of 16705/16835.
