Nikkei225 Trades Well Above 17000, Jump Till 17500 Is Possible
- Major resistance - 17170 (trend line joining 19990 and 17745 )
- Major support - 16650 (55 day EMA)
- Nikkei index is trading well above psychological resistance 17000 and closed at 17057 yesterday. It is currently trading around 17142.
- Short term trend is slightly bullish as long as support 16675 holds.
- The index major resistance is around 17170 and any break above will take the index to next level 17300/17525.
- On the lower side major support is around 16675 (55 day EMA) and break below targets till 16410/16200/16000/15800 in short term.The minor support is around 16900 (100 day EMA)
- Short term trend reversal can be seen only below 15000.
It is good to buy at dips around 16950-17000 with SL around 16670 for the TP of 17170/17525/17685