FxWirePro: Nikkei225 Recovers After Making a Low of 16250, Good to Buy at Dips
- Major support - 16,250 ( 50% retracement of 1770 and 14770)
- Nikkei Index has recovered till 16685 after making a low of 17256. It is currently around 16612.
- Short term trend is slightly weak as long as resistance 17000 holds.
- The index major resistance is around 16690 (55 day EMA) an any break above will take the index to next level 17000/17250.
- On the lower side major support is around 16,250 (50% retracement of 14770 and 17770) and break below targets till 16,000/15,800 in short term.The minor support is around 16420.
- Short term trend reversal can be seen only below 15,000.
It is good to buy at dips around 16400-450 with SL around 16250 for the TP of 16700/1700