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FxWirePro: Nikkei225 retreats from higher levels ,good to sell on rallies

  • Pattern Formed- Ascending triangle pattern.
     
  • Major resistance- 17000.
     
  • Major support - 16350 (trend line joining 15088 and 15894).
     
  • Nikkei225 has retreated once again after making a high of 16714. It is currently trading around 16474.
     
  • The index is facing minor support at 16430 (daily Kijun-Sen) and any break below will confirm weakness. It should break below trend line support for further weakness.Any violation below 16350 will drag the index to next immediate support 16200/16000/15880. 
     
  • Short term trend is slightly bearish as long as the index not able to break the temporary top formed at 16935. 
     
  • 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 17158 (200 day MA).

It is good to sell on rallies around 16650-700 with SL 17000 for the TP of 16350/16200/16000.

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