Nikkei225 faces support at 16420 break below targets 15500
Major support -16420 ( trend line joining 14770 and 15523)
Major Resistance - 17200
The index has made a low of 16493 at the time of writing and slightly recovered from that level. It is currently trading around 16553.
The index is facing minor resistance around 16800 and any break above targets 17030/17200.
On the lower side major support is around 16420 and break below targets around 16200/16000/15500.
Short term weakness can be seen only below 15500.
It is good to sell below 16420 with SL around 16800 for the TP of 16000/15600
Major Resistance - 17200
The index has made a low of 16493 at the time of writing and slightly recovered from that level. It is currently trading around 16553.
The index is facing minor resistance around 16800 and any break above targets 17030/17200.
On the lower side major support is around 16420 and break below targets around 16200/16000/15500.
Short term weakness can be seen only below 15500.
It is good to sell below 16420 with SL around 16800 for the TP of 16000/15600