ASX200 breaks below 38.20% fibo, targets 5255

• Major support - 5370 (38.2% retracement of 5152 and 5505).
   
• The index has broken major support at 5370 and declined till 5345 at the time of writing.It is currently trading around 5347.
   
• ASX200 breaks below 38.2% retracement of 5152 and 5505 confirms minor trend reversal, decline till 5300/5255 .
   
• On the higher side,resistance is  at 5420 (10- day MA) and any break above 5420 targets 5460/5505. The index should break above 5625 for further jump till 5700.
   
• The minor support is around 5370 (38.2% retracement of 5152 and 5505) and any break below targets 5350/5300 in the short term.

It is good to buy on dips around 5400 with SL around 5370 for the TP of 5460/5505.