FxWirePro: ASX200 faces strong resistance at 5400, good to sell on rallies

Major resistance - 5430 (27th May 2016 high)

Major Support - 5270 

• ASX200 has broken major psychological support 5300 and declined till 5290 at the time of writing. It is currently trading at 5305.
   
• Short term trend is slightly weak as long as resistance 5400 holds.
   
• On the higher side any break above 5400 will take the index to 5485/550/5533 (161.8% retracement of 5270 and 5430).The minor resistance is around 5350/5385. 
   
• The index minor support is around 5270 and any break below targets 5211 (90 day EMA).

.It is good to sell on rallies around 5355-60 with SL around 5400 for the TP of 5270/5215.