FXWIREPRO: Nikkei225 Recovers After Making a Low of 15500,good to Sell on Rallies

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