Pattern Formed- Ascending triangle pattern.
Major resistance- 17000.
Major support - 16350 (trend line joining 15088 and 15894).
Nikkei225 has slightly recovered after making a low of 16452. It is currently trading around 16584.
The index is facing minor support at 16430 (daily Kijun-Sen) and any break below will drag the index till 16350. It should break below 16350 (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 close above psychological resistance 17000.
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 17168 (200 day MA).
It is good to sell on rallies around 16650-700 with SL 17000 for the TP of 16350/16200/16000.
Major resistance- 17000.
Major support - 16350 (trend line joining 15088 and 15894).
Nikkei225 has slightly recovered after making a low of 16452. It is currently trading around 16584.
The index is facing minor support at 16430 (daily Kijun-Sen) and any break below will drag the index till 16350. It should break below 16350 (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 close above psychological resistance 17000.
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 17168 (200 day MA).
It is good to sell on rallies around 16650-700 with SL 17000 for the TP of 16350/16200/16000.