- Major support - 16400 (daily Kijun-Sen).
- Nikkei225 has slightly recovered after making a low of 16405 yesterday. It is currently trading around 16547.
- The index is facing major support at 16400 (daily Kijun-Sen) and any break below will drag the index till 16200/16035. It should break below 15800 (cloud bottom) further weakness.Any violation below 15800 will drag the index to next immediate support 15500/15300.
- Short term trend is slightly bearish as long as the index not able to close above psychological resistance 17000.
- On the higher side, any break above minor resistance 16800 will take the index to next level 17000/17158 (200 -day MA). Extreme bullishness can be seen if the index closes above 17168 (200 day MA).
It is good to sell on rallies around 16650-700 with SL 17000 for the TP of 16400/16200/16000.
