FxWirePro: Nikkei 225 Faces Strong Resistance at 16600, Good to Sell on Rallies

FxWirePro: Nikkei 225 Faces Strong Resistance at 16600, Good to Sell on Rallies

18 April 2016, 05:49
Roberto Jacobs
0
16

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



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