Harmonic pattern formed - Bullish Gartley pattern
Potential Reversal Zone (PRZ) - 19190
Nikkei225 has formed bullish Gartley pattern in the hourly chart ans major support is around 19190. Any break below 19190 confirms minor weakness.
The index shown a decline till 19321 and slightly jumped from that level. It is currently trading around 19458.
On the lower side , 19305 (78.6% retracement of 19190 and 1) and any break below will drag the index till 19190/19128 (trend line joining 18224 and 18973).
•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. The minor resistance is around 19327 (daily Tenken-Sen)./19400.
It is good to buy on dips around 19300 with SL around 19190 for the TP of 19700
Potential Reversal Zone (PRZ) - 19190
Nikkei225 has formed bullish Gartley pattern in the hourly chart ans major support is around 19190. Any break below 19190 confirms minor weakness.
The index shown a decline till 19321 and slightly jumped from that level. It is currently trading around 19458.
On the lower side , 19305 (78.6% retracement of 19190 and 1) and any break below will drag the index till 19190/19128 (trend line joining 18224 and 18973).
•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. The minor resistance is around 19327 (daily Tenken-Sen)./19400.
It is good to buy on dips around 19300 with SL around 19190 for the TP of 19700
