Nikkei225 Faces Strong Resistance at 17000, Good to Buy at Dips
- Major resistance - 16985 (100 day EMA)
- Major support - 16425 (10 day EMA)
- Nikkei index has slightly recovered after making a low of 16404.It is currently trading around 16582.
- Short term trend is slightly weak as long as resistance 17000 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 16425 (10 day EMA) and break below will drag the index down till 16350/16000/15800 in short term.The minor support is at 16500.
- Short term trend reversal can be seen only below 15000.
It is good to buy at dips around 16450 with SL around 16280 for the TP of 16800/17000.