FxWirePro: Nikkei225 Faces Minor Support at 16450, Good to Buy at Dips
- Major resistance - 16985 (11 May High)
- Major support - 16470 (10 day EMA)
- Nikkei index has slightly retreated after making a high of 16790. It is currently trading around 16759.
- Short term trend is slightly bullish as long as support 16470 holds.
- The index major resistance is around 16800 and any break above will take the index to next level 17000/17300/17525.
- On the lower side major support is around 16470 (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 16650 with SL around 16450 for the TP of 16800/17000./17300