FXWIREPRO: Nikkei225 Recovers After Making a Low of 15500,good to Sell on Rallies
- Major Support - 15000 (200 W MA)
- Major resistance - 16050 (55 4H EMA)
- The index has slightly recovered after making a low of 15513. It is currently trading around 15920.Short term trend is slightly weak as long as resistance 16050 holds .
- The index minor support is around 15500 and break below will drag the index down till 15300/15000/14750 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 16450 (7 W EMA) and break above targets 16800/17000/17300.
- Short term bearish invalidation only above 17300.
It is good to sell on rallies around 15900 with SL around 16050 for the TP of 15500/15330.
The material has been provided by InstaForex Company - www.instaforex.com