Major resistance - 19500 ( trend line joining 19698 and 19535)
Pattern formed - Symmetrical Triangle pattern
Nikkei has shown a mild decline below 19000 and recovered mildly from that level.It is currently trading at 19074 0.39% lower.
•The index retreated slightly from the high on account of minor weakness in USD/JPY and the pair has taken support near 100 -day EMA around 111.80 and any further weakness can be seen only below that level.It is currently trading around 112.18.It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side ,18980 (trend line joining 18224 and 18638) is acting as next immediate support and any break below targets 18598 (100 -day EMA) .
•The major weekly resistance is around 19270 (7- day EMA) and any break above will take the index till 19390/19566/19698.
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 shown a mild decline below 19000 and recovered mildly from that level.It is currently trading at 19074 0.39% lower.
•The index retreated slightly from the high on account of minor weakness in USD/JPY and the pair has taken support near 100 -day EMA around 111.80 and any further weakness can be seen only below that level.It is currently trading around 112.18.It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side ,18980 (trend line joining 18224 and 18638) is acting as next immediate support and any break below targets 18598 (100 -day EMA) .
•The major weekly resistance is around 19270 (7- day EMA) and any break above will take the index till 19390/19566/19698.
It is good to buy on dips around 19080-19100 with SL around 18980 for the TP of 19385/19500.
