FxWirePro: Nikkei225 Faces Strong Resistance at 17250, Good to Buy at Dips

FxWirePro: Nikkei225 Faces Strong Resistance at 17250, Good to Buy at Dips

1 June 2016, 05:43
Roberto Jacobs
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FxWirePro: Nikkei225 Faces Strong Resistance at 17250, Good to Buy at Dips

  • Major resistance  - 17256 (100 W EMA ) 
  • Major support - 16635 (21 W MA) 
  • Nikkei index has made a high of 17250 and slightly retreated from that level. It is currently trading around 17125. 
  • Short term trend is  slightly bullish as long as support 16635 holds. 
  • The index major resistance is around 17250 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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