FxWirePro:Nikkei225 forms shooting star in hourly chart, sell on rallies
Thursday, October 27, 2016 3:30 AM UTC
- Pattern Formed-Shooting Star
- Major resistance - 16420 (trend line joining 16930 and 17159).
- Nikkei225 has declined after jumping till 16404 today morning.It is currently trading around 17309.
- Technically in the hourly chart the index has formed shooting start pattern, so a decline till 17000 is possible.
- On the higher side, resistance is around 17420 (trend line joining 16930 and 17159) and any break above targets 17695/18000.
- The major support is around 17294 (100-H MA) and any break below targets 17118 (200- HMA).
It is good to buy on dips around 17200 with SL 16985 for the TP of 17695/17800.