FxWirePro: Nikkei225 Faces Strong Support at 200 Day 4H MA, Good to Buy at Dips

FxWirePro: Nikkei225 Faces Strong Support at 200 Day 4H MA, Good to Buy at Dips

20 May 2016, 07:07
Roberto Jacobs
0
9

FxWirePro: Nikkei225 Faces Strong Support at 200 Day 4H MA, Good to Buy at Dips

  • Major resistance  - 16985 (11 May High) 
  • Major support - 16450 (200 day 4H MA) 
  • Nikkei index has slightly recovered after making a low of 16690. It is currently trading around 16690. 
  • Short term trend is  slightly bullish as long as support 16400 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 16450 (200 day MA)  and break below targets  till 16320/16000/15800 in short term.  
  • Short term trend reversal  can be seen only below 15000.

It is good to buy at dips around 16600 with SL around 16450 for the TP of 16800/17000

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