FxWirePro: Nikkei225 Faces Strong Support at 15800, Good to Buy at Dips
- Major intraday resistance - 16300 (55 day 4H EMA)
- Major support - 15800 (May 4th 2016)
- Nikkei index slightly recovered after making a low of of 15835.It is currently trading around 16167.
- Short term trend is slightly bullish as long as support 15800 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 buy at dips around 16000 with SL around 15800 for the TP of 16275/16600.