FxWirePro: Nikkei Faces Strong Resistance at 18150, Good to Sell on Rallies

FxWirePro: Nikkei Faces Strong Resistance at 18150, Good to Sell on Rallies

25 April 2016, 05:29
Roberto Jacobs
0
12

FxWirePro: Nikkei Faces Strong Resistance at 18150, Good to Sell on Rallies

  • Major resistance  - 18150 (200 day MA) 
  • The index has retreated after making a high of 1770. It is currently  trading around 17445.Short term trend is slightly bearish as long as resistance 18150 holds. 
  • The index major resistance is around 18150 and any break above will take the index to next level 18300/18500.The minor resistance is around 17898 (Feb 1st 2016 high). 
  • On the lower side major support is around 17200  and break below will drag the index down till 16900/16650 (200 day 4 HMA)  in short term. The minor support is around 17500 (7 day 4 EMA).  
  • Short term weakness can be seen only below 15000.

It is good to sell on rallies around 17800 with SL around 18150 for the TP of 17400/17200/16900.

The material has been provided by InstaForex Company - www.instaforex.com



Share it with friends: