Nikkei Breaks Major Resistance 17300, Jump Till 17600/17870 Is Possible

Nikkei Breaks Major Resistance 17300, Jump Till 17600/17870 Is Possible

22 April 2016, 06:28
Roberto Jacobs
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Nikkei Breaks Major Resistance 17300, Jump Till 17600/17870 Is Possible

  • Major resistance - 17300 
  • The index has broken major resistance 17300 and jumped till 17367 at the time of writing. It is currently  trading around 17359..Short term trend is slightly bullish as long as support 16500 (21 day MA)  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. The minor support is around 16900 (7 day EMA).  
  • Short term weakness can be seen only below 15000.

It is good to buy at dips around 16900 with SL around 16500 for the TP of 17600/17878.

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