FxWirePro: Nikkei225 Faces Strong Resistance at 17000, Good to Sell on Rallies
- Major resistance - 16985 (11 May High)
- Major support - 16530 (10 day EMA)
- Nikkei index has slightly retreated after making a high of 16838. It is currently trading around 16648.
- Short term trend is slightly bearish as long as resistance 17000 holds.
- The index major resistance is around 17000 and any break above will take the index to next level 17300/17525.
- On the lower side major support is around 16470 (10 day EMA) and break below will drag the index down till 16320/16000/15800 in short term.
- 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 16525/16350