Nikkei225 forms shooting star in hourly chart, sell on rallies

FX:JPN225   Nikkei 225 Index
89 0 5
Pattern Formed-Shooting Star

Major resistance - 16420 ( trend line joining 16930 and 17159)

Nikkei225  has declined after jumping till 16404 today morning.It is currently trading around 17309.

Technically in the hourly chart the index has formed shooting start pattern, so a decline till 17000 is possible.

On the higher side, resistance is around 17420 ( trend line joining 16930 and 17159) and any break above targets 17695/18000.

The major support is around 17294 (100-H MA) and any break below targets 17118 (200- HMA ).

It is good to sell on rallies around 17315-330 with SL 17425 for the TP of 17125.
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