Nikkei 225 Faces Strong Resistance at 17300, Good to Buy at Dips

Nikkei 225 Faces Strong Resistance at 17300, Good to Buy at Dips

20 April 2016, 06:16
Roberto Jacobs
0
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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.

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