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

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

19 May 2016, 06:42
Roberto Jacobs
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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

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