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.