Nikkei225 trades below 17000, decline till 16400 likely

12 September 2016, 06:58
Eko Rediantoro
0
30

  • Major support -16820 (200- day MA).
     
  • Nikkei225 has broken major support at 200- day MA at 16796 and trades slightly below that level.It is currently trading around 16693.
     
  • The index has formed temporary top around 17159 and is struggling to break that level. It should break above that level for further bullishness.
     
  • On the higher side,  next immediate resistance is around 17000 and any break above will take the index to temporary top formed at 17159/17330. 
      
  • The major support is around 16525 (daily Kijun-Sen) and any break below 16525 will drag the pair  till 16400/16290.

It is good to sell on rallies around 16800 with SL 17000 for the TP of 16525/16400


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