FxWirePro: Nikkei225 Faces Support at 100 Day 4H MA, Good to Sell on Rallies

FxWirePro: Nikkei225 Faces Support at 100 Day 4H MA, Good to Sell on Rallies

24 May 2016, 05:21
Roberto Jacobs
0
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FxWirePro: Nikkei225 Faces Support at 100 Day 4H MA, Good to Sell on Rallies

  • Major resistance  - 16985 (11 May High) 
  • Major support - 16375 (100 day 4H MA) 
  • Nikkei index has slightly recovered after making a low of 16409 . It is currently trading around 16525. 
  • 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.The minor resistance is at 16800.   
  • On the lower side major support is around 16375 (100 day 4H MA)  and break below targets  till 16200/16000/15800 in short term.  
  • Short term trend reversal  can be seen only below 15000.


It is good to sell on rallies around 16750 with SL around 17000 for the TP of 16355/16200

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