FxWirePro: Nikkei225 Faces Major Resistance at 16600, Good to Sell on Ralliies

FxWirePro: Nikkei225 Faces Major Resistance at 16600, Good to Sell on Ralliies

29 April 2016, 06:08
Roberto Jacobs
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FxWirePro: Nikkei 225 Faces Major Resistance at 16600, Good to Sell on Ralliies

  • Major resistance  - 16600 
  • Nikkei index dives off more that 3% on thrusday after BOJ surprised markets by holding off fresh stimulus. 
  • The index has broken 16200 (yesterday low) in the morning session and declined till 16067 at the of writing. It is currently  trading around 16114.Short term trend is  bearish as long as resistance 16600 holds. 
  • The index major resistance is around 16600 and any break above will take the index to next level 16800/17200. 
  • On the lower side major support is around 16000  and break below will drag the index down till 15500/15325. in short term.   
  • Short term trend reversal  can be seen only below 15000.

It is good to sell on rallies around 16300 with SL around 16600 for the TP of 16000/15550

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