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

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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