FXWIREPRO: Nikkei225 Faces Major Support at 16500, Good to Buy at Dips
- Major resistance - 17300
- The index has recovered after making a low of 16923 at the time of writing.It is currently trading around 17091.Short term trend is bullish as long as support 16500 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 buy at dips around 16750 with SL around 16500 for the TP of 17300/17520/17750.
The material has been provided by InstaForex Company - www.instaforex.com