Nikkei225 Faces Strong Resistance 17000, Break Above Targets 17685
- Major resistance - 16985 (100 day EMA)
- Major support - 16410 (100 day 4H MA)
- Nikkei index faces strong resistance at 17000 and is struggling to break above that level. It is currently trading around 16839.
- 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.The minor resistance is at 16850.
- On the lower side major support is around 16400 (100 day 4H MA) and break below targets till 16200/16000/15800 in short term.The minor support is around 16650(55 day EMA).
- Short term trend reversal can be seen only below 15000.
It is good to buy above 17000 with SL around 16650 for the TP of 17525/17685