Nikkei225 breaks psychological resistance at 17000, jump till 17300 likely
Nikkei225 has broken major psychological resistance at 17000 and jumped till 17062 at the time of writing. Japanese index has made a low of 16752 yesterday and recovered sharply from that level. It is currently trading a…
Nikkei225 has broken major psychological resistance at 17000 and jumped till 17062 at the time of writing. Japanese index has made a low of 16752 yesterday and recovered sharply from that level. It is currently trading around 17054.
Technically in the daily chart the index takes support near Kijun-Sen (16702) and so any minor weakness can be seen only below 16700 level.
On the higher side, resistance is around 17159 (Sep 2nd 2016 high) and any break above targets 17300/17500.Nikkei should break above 17159 for further bullishness.
The major support is around 16750 (daily Tenken-Sen) and any break below targets 16625 (21- day MA)/16550 (200-day MA).
It is good to buy on dips around 16900-950 with SL 16700 for the TP of 17150/17300.
