FxWirePro: Nikkei225 Recovers After Making a Low of 16250, Good to Buy at Dips

FxWirePro: Nikkei225 Recovers After Making a Low of 16250, Good to Buy at Dips

7 June 2016, 05:30
Roberto Jacobs
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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

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