FxWirePro: Nikkei225 Faces Strong Resistance at 17000, Good to Sell on Rallies

FxWirePro: Nikkei225 Faces Strong Resistance at 17000, Good to Sell on Rallies

11 May 2016, 05:56
Roberto Jacobs
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FxWirePro: Nikkei225 Faces Strong Resistance at 17000, Good to Sell on Rallies

  • Major resistance  - 17000 (100 day EMA) 
  • Major support - 16350 (10 day EMA) 
  • Nikkei index has recovered strongly yesterday on account of weaker yen .The index has made a high of 16795 and closed at 16775.It is currently trading around 16572. 
  • Short term trend is  slightly bullish as long as support 15800 holds. 
  • The index major resistance is around 17000 (100 day EMA) and any break above will take the index to next level 17300/17525.  
  • On the lower side major support is around 16350  and break below will drag the index down till 16000/15800 in short term.The minor support is at 16500.  
  • Short term trend reversal  can be seen only below 15000.

It is good to sell on rallies around 16750-800 with SL around 17000 for the TP of  16350.

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