FxWirePro: Nikkei225 Faces Strong Resistance at 16800, Good to Sell on Rallies

FxWirePro: Nikkei225 Faces Strong Resistance at 16800, Good to Sell on Rallies

• Major support - 16,250 ( 50% retracement of 1770 and 14770) 
• Major resistance - 16850 (90 day EMA) 
• Nikkei Index has once again  pared gains after making a high of 16807 yesterday.  It is currently around 16568. 
• Short term trend is  slightly weak as long as resistance 17000 holds. 
• The index major resistance is around 16850 (90 day EMA) an any break above will take the index to next level 17000/17250.   
• On the lower side major support is around 16500 (daily Kijun-Sen) and any break below will drag the index down till 16,250 (50% retracement of 14770 and 17770) /15800  in the short term. 
• Short term trend reversal  can be seen only below 15,000.

It is good to sell on rallies around 16600-650 with SL around 16860 for the TP of 16255/16000

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