ASX200 faces major resistance at 5080, good to sell on rallies

• Major resistance - 5078 (support turned into resistance)
   
• ASX200 has slightly recovered after making a low of 4974. It is currently trading at 5018.
   
• Short term trend is slightly weak as long as resistance 5080 holds. Any break above 5080 will take the index up till 5130/5160.
   
• On the lower side any break below 4970 will drag the index till 4920/4850. 
   
• Short term trend reversal only above 5230.Break above targets 5275/5300.

It is good to sell on rallies around 5035-40 with SL around 5080 for the TP of 4975/4920 .