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FxWirePro: Nikkei225 recovers after making a low of 16013, good to sell on rallies

  • Major Support - 16000
     
  • The index has made a low of 16013 at the time of writing and slightly recovered from that level.It  is currently  trading around 16158.Short term trend is bearish as long as resistance 16570 (7 W EMA) holds.
     
  • Any break below 16000 will drag the index down till 15500/15250 in short term.On the higher side major resistance is around 16600 any break above will take the index to next level till 17000/17300.
     
  • The index major resistance is around 16325 and break above targets 16500.
     
  • Short term bearish invalidation only above 17300.

 It is good to sell on rallies around 16350-16400 with SL around 16600 for the TP of 16000/15560.

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