FXWIREPRO: Nikkei225 Faces Strong Resistance at 16050, Good to Sell on Rallies
- Major Support - 15000 (200 W MA)
- Major resistance - 16050 (55 4H EMA)
- The index has retreated after making a high of 16020. It is currently trading around 15583.Short term trend is slightly weak as long as resistance 16050 holds .
- The index minor support is around 15300 and break below will drag the index down till 15000/147750/14355 in the short term..On the higher side major resistance is around 16050 and break above targets 16300/16420.
- The index short term resistance is around 16420 and break above targets 16800/17000/17300.
- Short term bearish invalidation only above 17300.
It is good to sell on rallies around 15850-900 with SL around 16050 for the TP of 15500/15330.
The material has been provided by InstaForex Company - www.instaforex.com