FxWirePro: Nikkei 225 Faces Resistance at 17000, Good to Buy at Dips
- Major resistance - 17000
- The index has jumped till 16913 and slightly declining from that level. It is currently trading around 16840.Short term trend is slightly bullish as long as support 16275 (55 4H EMA) holds.
- The index major resistance is around 17000 and any break above will take the index to next level 17300/17600/17878 (29th Jan 2016)
- On the lower side minor support is around 16550 (200 day 4 HMA) and break below will drag the index down till 16275/16000/15700 IN short term.
- Short term weakness can be seen only below 15000.
It is good to buy at dips around 16500 with SL around 16275 for the TP of 17000/17300.
The material has been provided by InstaForex Company - www.instaforex.com