Nikkei225 trades lower on Brexit, good to sell on rallies
Major support – 15500 (200 W MA)
Major resistance- 16250 (3 day EMA)
Nikkei225 has broken major support 15500 after Britain votes for Brexit and declined till 14828. It is currently trading around 14888.
Britain has voted to leave the EU in a referendum .Around 90 percent of votes counted, Brexit was ahead at 51.7 pct compared to 48.3 pct.
The Brexit will not have immediate impact on Japan’s real economy but Yen’s strength would affect exporters very much.
The nikkei225 index is expected to decline further and decline till 13825/13000 is possible.
On the lower side immediate support is around 14770 (Feb 2016 low) and any break below targets 14250/13800/13300/12800.
The nikkei225 is facing resistance around 15500 and any break above targets 15900/16300/16500.
It is good to sell on rallies around 15450-15500 with SL around 16000 for the TP of 14770/13825
Major resistance- 16250 (3 day EMA)
Nikkei225 has broken major support 15500 after Britain votes for Brexit and declined till 14828. It is currently trading around 14888.
Britain has voted to leave the EU in a referendum .Around 90 percent of votes counted, Brexit was ahead at 51.7 pct compared to 48.3 pct.
The Brexit will not have immediate impact on Japan’s real economy but Yen’s strength would affect exporters very much.
The nikkei225 index is expected to decline further and decline till 13825/13000 is possible.
On the lower side immediate support is around 14770 (Feb 2016 low) and any break below targets 14250/13800/13300/12800.
The nikkei225 is facing resistance around 15500 and any break above targets 15900/16300/16500.
It is good to sell on rallies around 15450-15500 with SL around 16000 for the TP of 14770/13825