Nikkei225 Breaks Minor Resistance 16300, Jump Till 16600/16800 Is Possible

Nikkei225 Breaks Minor Resistance 16300, Jump Till 16600/16800 Is Possible

10 May 2016, 05:59
Roberto Jacobs
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Nikkei225 Breaks Minor Resistance 16300, Jump Till 16600/16800 Is Possible

  • Major intraday resistance  - 16300 (55 day 4H EMA) 
  • Major support - 15800 (May 4th 2016) 
  • Nikkei index has broken major intraday resistance 16300 and jumped till 16477 at the time of writing.It is currently trading around 16440. 
  • Short term trend is  slightly bullish as long as support 15800 holds. 
  • The index major resistance is around 16520 (200 day 4H MA) and any break above will take the index to next level 16600/16800/17300.  
  • On the lower side major support is around 15800  and break below will drag the index down till 15500/15325 in short term.The minor support is at 16200/16000.  
  • Short term trend reversal  can be seen only below 15000.

It is good to buy at dips around 16250 with SL around 16000 for the TP of  16600/16800.

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