ASX200 trades well above 5200, targets 5300

• Major support - 5040 
   
• Major resistance - 5216 (90 4H  EMA)
   
• The index has broken major resistance at 5216 and jumped till 524 6 at the time of writing .It is currently trading around 5241.
   
• The intra day trend is slightly bullish as long as the support 5150 holds. 
   
• The index's major resistance is around 5216 and any break above targets 5272/5295. 
   
• On the lower side, support is around 5150 and any violation below that level will drag the index till 5100/5075/5040 in the short term.
   
• Overall bearish invalidation only above 5430.

It is good to buy at dips around 5200 with SL around 5150 for the TP of 5275/5295