ASX200 trades slightly above 5300, jump till 5400/5450 likely
Major resistance -5300. Major support - 5270 (100- HMA). The index has broken major resistance at 5300 and jumped till 5336 at the time of writing. It is currently trading around 5333. ASX200 is trading slightly well ab…
The index has broken major resistance at 5300 and jumped till 5336 at the time of writing. It is currently trading around 5333.
ASX200 is trading slightly well above Tenken-Sen (5307) and Kijun-Sen (5316) in the hourly chart.
On the higher side,any break above 5300 confirms minor trend reversal, a jump till till 5350/5449 (61.8% retracement of 5625 and 6152). The index should break above 5625 for further jump till 5700.
The major support is around 5270 and any break below targets 52400/5200/5150 in the short term.
It is good to sell on rallies around 5295-5300 with SL around 5350 for the TP of 5240/5200
