FXWIREPRO: Nikkei Faces Strong Resistance at 17300, Good to Sell on Rallies
- Major resistance - 17300
- The index is consolidating between 16561 and 17125 for the past three trading session. It is currently trading around 16664.Short term trend is weak as long as resistance17300 holds.
- Nikkei is struggling to beak above 17300 and any further bullishness can be seen only above 17300.On the higher side any break above 17300 will take the index to next level till 17520/17750/17900.
- The index major support is around 16450 and break below targets 16000/15500.
- Short term bullish invalidation only below 15500.
It is good to sell on rallies around 17100-150 with SL around 17300 for the TP of 16560/16200
The material has been provided by InstaForex Company - www.instaforex.com