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Nikkei225 breaks major support at 16000, decline till 15800/15500 likely

Thursday, August 4, 2016 2:35 AM UTC

Major Support -16000 (daily Kijun-Sen) .
Major resistance- 16305 (7 day EMA).
Nikkei225 has broken major support at 16000 and declined till 15892 at the time of writing.It is currently trading around 15984.
The minor resistance is around 16305 (7 day EMA ) any break above targets 16420 (90 day EMA)/16800.It should break above 17200 (200 day MA) for major trend reversal.
On the lower side immediate support is around 15800 and any break below targets 15500/15300.

It is good to sell on rallies around 16100 with SL 16305 for the TP of 15800/15520.

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Nikkei225 breaks major support at 16000, decline till 15800/15500 likely

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