Nikkei 225 Faces Strong Resistance at 17300, Good to Buy at Dips
- Major resistance - 17000
- The index has slightly declined after making a high of 17146 It is currently trading around 16336.Short term trend is slightly bullish as long as support 16500 (55 day 4H EMA) holds.
- The index major resistance is around 17300 and any break above will take the index to next level 17600/17878 (29th Jan 2016)
- On the lower side major support is around 16500 and break below will drag the index down till 16200(Daily Kijun-Sen)/16000/15800 (cloud top) in short term.
- Short term weakness can be seen only below 15000.
It is good to buy at dips around 16700 with SL around 16500 for the TP of 17000/17260.