Fxwirepro: Nikkei225 Consolidates in Narrow Range, Good to Sell on Rallies

Major intraday resistance - 16200 Major support - 15800 Nikkei index slightly recovered after making a low of 15837.It is currently trading around 16016. Short term trend is bearish as long as resistance 16600 holds. The index minor resistance is around 16200 and any break above will take the index to next level 16375(55 day H EMA)/16600/16800. On the lower side major support is around 15800 and break below will drag the index down till 15500/15325 in short term. . Short term trend reversal can be seen only below 15000. It is good to sell on rallies around 16300 with SL around 16600 for the TP of 16000/15550

News are provided by InstaForex