Nikkei225 downside capped by 21- day EMA, good to buy on dips
Nikkei has declined mildly after jumping till 19515. Nikkei taken support near 21- day EMA yesterday and jumped from the low of 19228.It is currently trading at 19478 0.01% lower.
•The index is trading slightly stronger on account of weaker yen and the pair has jumped slightly above the high of 114.16 made on Feb13th 2017. It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side , 19185 (21- day EMA) is acting as next immediate support and any break below targets 18990 (61.8% retracement of 18638 and 19566)/18850.
•The major weekly resistance is around 19566 (26th Jan 2017 high) and any break above will take the index till 19698/2000
It is good to buy on dips around 19350 with SL around 19200 for the TP of 19566/19698.
•The index is trading slightly stronger on account of weaker yen and the pair has jumped slightly above the high of 114.16 made on Feb13th 2017. It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side , 19185 (21- day EMA) is acting as next immediate support and any break below targets 18990 (61.8% retracement of 18638 and 19566)/18850.
•The major weekly resistance is around 19566 (26th Jan 2017 high) and any break above will take the index till 19698/2000
It is good to buy on dips around 19350 with SL around 19200 for the TP of 19566/19698.