FxWirePro:Nikkei225 faces strong support at 16400, good to sell on rallies

13 September 2016, 15:28
Eko Rediantoro

  • Major support -1641 (100- day MA).
  • Nikkei225 has recovered after making a low of 16506.It is currently trading around 16673.
  • 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 16835 (daily Tenken-Sen) and any break above will take the index to temporary top formed at 17000/17159/17330. 
  • The major support is around 16410 (100-day MA) and any break below 16410 will drag the pair  till 16260 (38.2% retracement of 14823 and 17159)/16035 (cloud bottom).

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

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