ASX200 trades well above 5500, jump till 5600 likely
Major support - 5,500 (21 day MA). The index has slightly recovered after making a low of 5493 on Friday.It is currently trading around 5552.The index is facing strong support at 21 day MA and slight weakness can be seen…
The index has slightly recovered after making a low of 5493 on Friday.It is currently trading around 5552.The index is facing strong support at 21 day MA and slight weakness can be seen only below that level.
Short term trend is slightly bullish as long as the support 5500 (21 day MA) holds.
Any break above major resistance 5,542 (Daily Tenkan-Sen) will take the index to next level till 5600/5625/5,672 (161.8% retracement of 5,431 and 5,041)/5,700 in the short term.
On the lower side, support is around 5485 and any violation below that level will drag the index till 5450/5400.
It is good to buy on dips around 5500 with SL around 5,460 for the TP of 5555/5600.
