FxWirePro: Nikkei225 Faces Strong Support at 15800, Good to Buy at Dips

FxWirePro: Nikkei225 Faces Strong Support at 15800, Good to Buy at Dips

9 May 2016, 05:24
Roberto Jacobs
0
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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.

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