Nikkei weekly-taken support at 17k and heading towards 17800+ target

Nikkei weekly technical report for 14 to 18 November 2016

Nikkei weekly technical report for 14 to 18 November 2016

Nikkei 225 index this week closed at 17374 with gain. This week Nikkei hit low around 16100 while high was at 17621. Total 1500 points high volatile swing and positive closing for this major index. Nikkei this week closed with weekly gains after last week’s continues strong negative closing.

 

Technically, Nikkei is in uptrend and has taken strong support at 17050 level. On upside 17800 and 18225 are major resistances as well as target zones. Weekly closing below 17050 means fresh down trend and extreme volatility.

 

From long term view, Nikkei is in downtrend almost achieved downside both targets of 14500 and 16700 and now recovering towards target of 18800.

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