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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 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 

  • Market Data
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