Nikkei225 Trades Well Above 17000, Jump Till 17500 Is Possible

Nikkei225 Trades Well Above 17000, Jump Till 17500 Is Possible

31 May 2016, 05:42
Roberto Jacobs
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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

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