FxWirePro: Nikkei225 Faces Strong Resistance at 17800, Good to Sell on Rallies
- Major resistance - 17800 (22nd Apr 2016)
- The index has retreated after making a high of 17510 yesterday. It is currently trading around 17230.Short term trend is slightly bearish as long as resistance 17800 holds.
- The index major resistance is around 17800 and any break above will take the index to next level 18150/18300/18500.The minor resistance is around 17525.
- 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 17500 with SL around 17800 for the TP of 17400/17200/16900.
The material has been provided by InstaForex Company - www.instaforex.com