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