Nikkei225 breaks major trend line resistance, targets 20000
Major resistance - 19500 ( trend line joining 19698 and 19535)
Pattern formed - Symmetrical Triangle pattern
Nikkei has broken symmetrical triangle resistance around 19500 on account of weaker yen and jumped till 19669 at the time of writing.It is currently trading at 19604 0.26% higher.
•The index recovered sharply from the low on account of good recovery till 114.04 in USD/JPY from the low of 111.69 and any further weakness can be seen only if it closes below 100- day EMA. It is currently trading around 114.01.It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side ,19258 (21- day EMA)is acting as next immediate support and any break below targets 18980 (trend line joining 18224 and 18638)/18598 (100 -day EMA) .
•The major resistance is around 19698 (Jan 9th 2017 high) and any break above will take the index till 19917 (161.8% retracement of 19566 and 18986)/20000.
It is good to buy on dips around 19080-19100 with SL around 18980 for the TP of 19385/19500.
Pattern formed - Symmetrical Triangle pattern
Nikkei has broken symmetrical triangle resistance around 19500 on account of weaker yen and jumped till 19669 at the time of writing.It is currently trading at 19604 0.26% higher.
•The index recovered sharply from the low on account of good recovery till 114.04 in USD/JPY from the low of 111.69 and any further weakness can be seen only if it closes below 100- day EMA. It is currently trading around 114.01.It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side ,19258 (21- day EMA)is acting as next immediate support and any break below targets 18980 (trend line joining 18224 and 18638)/18598 (100 -day EMA) .
•The major resistance is around 19698 (Jan 9th 2017 high) and any break above will take the index till 19917 (161.8% retracement of 19566 and 18986)/20000.
It is good to buy on dips around 19080-19100 with SL around 18980 for the TP of 19385/19500.
