FxWirePro: Nikkei225 Faces Resistance at 100 Day 4EMA, Good to Sell on Rallies

FxWirePro: Nikkei225 Faces Resistance at 100 Day 4EMA, Good to Sell on Rallies

3 June 2016, 06:07
Roberto Jacobs
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FxWirePro: Nikkei225 Faces Resistance at 100 Day 4EMA, Good to Sell on Rallies

  • Major support - 16,400  
  • Nikkei Index has snapped its early gains made today morning .It has declined around 0.12% today at the time of writing. and  currently trading around 16582. 
  • Short term trend is  slightly weak as long as resistance 17250 holds. 
  • The index major resistance is around 16730 (100 day 4HMA) an any break above will take the index to next level 17000/17250.   
  • On the lower side major support is around 16,370 (61.8% retracement of 15815 and 17247)  and break below targets  till 16,200/16,000/15,800 in short term.  
  • Short term trend reversal  can be seen only below 15,000.

It is good to sell on rallies around 16700-750 with SL around 17000 for the TP of  16250/16000

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