FxWirePro: Nikkei225 Faces Strong Support at 15800, Good to Sell on Rallies

FxWirePro: Nikkei225 Faces Strong Support at 15800, Good to Sell on Rallies

6 May 2016, 06:38
Roberto Jacobs
0
5

FxWirePro: Nikkei225 Faces Strong Support at 15800, Good to Sell on Rallies

  • Major intraday resistance  - 16300 
  • Major support - 15800 
  • Nikkei index slightly retreated after making a high of 16260 at the time of writing.It is currently trading around 16022. 
  • Short term trend is  bearish as long as resistance 16600 holds. 
  • The index minor resistance is around 16300 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

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