FxWirePro:Nikkei trades above 61.8% fibo, good to buy on dips
Major Resistance- 17322 (161.8% retracement of 17062 and 16641) Nikkei225 breaks major resistance at 17322 and rises to fresh six month high on Friday till 17374 at the time of writing.It is currently trading around 1734…
Major Resistance- 17322 (161.8% retracement of 17062 and 16641)
Nikkei225 breaks major resistance at 17322 and rises to fresh six month high on Friday till 17374 at the time of writing.It is currently trading around 17341.
Technically in the daily chart the index is trading slightly above 61.8% fibo, a slight jump till 17695/17800 is possible.
On the higher side, resistance is around 17322 (161.8% retracement of 17062 and 16641) and any break above targets 17420 (trend line joining 16930 and 17159)/17695/17695.
The major support is around 17266 (hourly Kijun-Sen) and any break below targets 17150 (100- HMA) /17000 (200- HMA).
It is good to buy on dips around 17200 with SL 16985 for the TP of 17695/17800.
