FxWirePro:Nikkei225 trades in narrow range, close above 17000 confirms bullishness
Nikkei225 is trading in narrow range between 16967 and 16641 for the past three trading session. apanese index has made a temporary top around 17062 on Oct 11th high. It is currently trading around 16866. Technically in …
Nikkei225 is trading in narrow range between 16967 and 16641 for the past three trading session. apanese index has made a temporary top around 17062 on Oct 11th high. It is currently trading around 16866.
Technically in the daily chart the index is trading well above Tenken-Sen (16834) and Kijun-Sen (16657).Short term weakness can be seen only below 16678 (21- day MA).
On the higher side, resistance is around 17000 and any break above targets 17159 (Sep 2nd 2016 high)/17300/17500.Nikkei should break above 17159 for further bullishness.
The major support is around 16678 (21- day MA) and any break below targets 16532 (200-day MA).
It is good to buy on dips around 16650 with SL 16535 for the TP of 16800/17000/17160.
