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Long

Nikkei: Buy above break out

FX:JPN225   Nikkei 225 index of Japanese listed shares
112 0 5
Pattern Formed – Cup and Handle

Major resistance- 17000

Nikkei225 has once again declined after making a high of 16930.It is currently trading around 16806.

The index should break the psychological resistance 17000 for further bullishness.

Short term trend is slightly bullish as long as resistance 16525 (100 4H MA) holds.

Any break above 17000 will take the index to next level 17100/17500. Extreme bullishness can be seen if the index breaks above 17100 (200 day MA).

On the lower side immediate support is around 16800 (21 4H MA) and any break below targets 16570 (90 4H EMA)/16525/16285 (200 4H MA).

It is good to buy above 17000 with SL 16780 for the TP of 17380/17500.
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