- Nikkei225 declined sharply after making a high of 17062.It has closed slightly below psychological level 17000 yesterday.Japanese index has made a low of 16812 yesterday and recovered slightly from that level. It is currently trading around 16902.
- Technically in the daily chart the index faces support at 10- day MA at 16740 and so any minor weakness can be seen only below that level.
- On the higher side, resistance is around 17159 (Sep 2nd 2016 high) and any break above targets 17300/17500.Nikkei should break above 17159 for further bullishness.
- The major support is around 16676 (daily Kijun-Sen) and any break below targets 16543 (200-day MA).
It is good to buy on dips around 16900 with SL 16700 for the TP of 17150/17300.