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ASX200 trades higher,good to buy on dips

  • ​Major support - 5270 (200- HMA).
     
  • The index has broken major resistance at 5350 and jumped till  5394 at the time of writing. It is currently trading around 5389.
     
  • ASX200 is trading slightly well above Tenken-Sen (5360) and Kijun-Sen (5347) in the hourly chart.
     
  • On the higher side,any break above 5350 confirms minor trend reversal, a jump till till 5449 (61.8% retracement of 5625 and 6152). The index should break above 5625 for further jump till 5700.
     
  • The major support is around 5305 and any break below targets 5240/5200/5150 in the short term. 

It is good to buy on dips around 5370-75 with SL around 5345 for the TP of 5450 

  • Market Data
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