FxWirePro: Nikkei225 Faces Strong Resistance at 17800, Good to Sell on Rallies

FxWirePro: Nikkei225 Faces Strong Resistance at 17800, Good to Sell on Rallies

27 April 2016, 06:08
Roberto Jacobs
0
17

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



Share it with friends: