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FxWirePro: Nikkei225 struggles to close above 17000, good to buy at dips

  • Major resistance  - 17170 (trend line joining 19990 and 17745 )
     
  • Major support - 16650 (55 day EMA)
     
  • Nikkei index  has made a high of 17037 and declined from that level.It is currently trading around 16962.
     
  • Short term trend is  slightly bullish as long as support 16650 holds.
     
  • The index major resistance is around 17170 and any break above will take the index to next level 17300/17525. 
      
  • On the lower side major support is around 166500 (55 day EMA)  and break below targets  till 16410/16200/16000/15800 in short term.
      
  • Short term trend reversal  can be seen only below 15000.

It is good to buy around 16850 with SL around 16650 for the TP of  17170/17525/17685

  • Market Data
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