Nikkei 225 index approaching major support 17050 below it remain sell

Nikkei 225 index monthly chart technical analysis November 2016 Nikkei 225 index monthly chart technical analysis November 2016 Nikkei index on last trading session closed at 17134 with huge loss. Nikkei opened strong for month of November but heading towards major support of 17050. Nikkei major support is 17050 and weekly closing below it means downtrend for month of November.   Nikkei November monthly trend still bullish and above 17050 it will remain buy. On upside 17800 and 18225 are monthly resistances as well as target zones. But currency price and indicators pattern suggesting, Nikkei will break down below 17050 and head towards support as well as bearish monthly targets of 16650 and then possibly 15850.   Nikkei weekly chart showing recovery bounce back is over and Nikkei heading towards previous lows as well as long term supports of 16700 and 14500.

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