- Major support - 16,250 ( 50% retracement of 17770 and 14770)
- Major resistance - 16650 (90 H EMA)
- Nikkei Index has broken major support 16250 on account of stronger yen. It is currently around 16092.
- Short term trend is slightly weak as long as resistance 16650 holds.
- Any break below major support 16250 will drag the index till 16000/15800 in the short term.Overall trend reversal is at 15470 (200 W MA) and any break below targets 15000.
- The index major resistance is around 16650 (90 H EMA) and any break above 16650 will take the index to next level 16850/17000/17250. The minor resistance is around 16300/16450.
- On the lower side major support is around 15900 (61.8% retracement of 14770 and 17770) and any break below will drag the index down till 15800/15515.
It is good to sell on rallies around 16300 with SL around 16650 for the TP of 15915/15800/15500
