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FxWirePro: Nikkei225 faces strong resistance at 17000, good to sell on rallies

  • Major resistance  - 16985 (11 May High)
     
  • Major support - 16350 (100 day 4H MA)
     
  • Nikkei index has slightly recovered after making a low of 16409 at the time of writing. It is currently trading around 16562.
     
  • Short term trend is  slightly bearish as long as resistance 17000 holds.
     
  • The index major resistance is around 17000 and any break above will take the index to next level 17300/17525.The minor resistance is at 16800. 
      
  • On the lower side major support is around 16350 (100 day 4H MA)  and break below targets  till 16200/16000/15800 in short term.
      
  • Short term trend reversal  can be seen only below 15000.

It is good to sell on rallies around 16750 with SL around 17000 for the TP of 16355/16200

  • Market Data
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