FxWirePro: Nikkei 225 Faces Strong Resistance at 16600, Good to Sell on Rallies
- Major resistance - 17000
- The index has opened gap down today morning after making a high of 16926 yesterday .It is currently trading around 16336.Short term trend is slightly weak as long as resistance 16600 (200 day 4H MA) holds.
- The index major resistance is around 16600 and any break above will take the index to next level 17000/17300/17600/17878 (29th Jan 2016)
- On the lower side minor support is around 16200 (Cloud bottom) and break below will drag the index down till 16000/15750 (cloud top) in short term.
- Short term weakness can be seen only below 15000.
It is good to sell on rallies around 16600 with SL around 17000 for the TP of 16000/15700.
The material has been provided by InstaForex Company - www.instaforex.com