FxWirePro: Nikkei225 Faces Minor Support at 16450, Good to Buy at Dips

FxWirePro: Nikkei225 Faces Minor Support at 16450, Good to Buy at Dips

18 May 2016, 06:53
Roberto Jacobs
0
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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

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