FxWirePro: Nikkei225 Faces Strong Resistance at 16600, Good to Sell on Rallies
- Major intraday resistance - 16200
- Major support - 15800
- Nikkei index slightly recovered after making a low of 15821.It is currently trading around 16048.
- Short term trend is bearish as long as resistance 16600 holds.
- The index minor resistance is around 16200 and any break above will take the index to next level 16375(200 4HMA )/16600/16800.
- On the lower side major support is around 15800 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