FxWirePro: ASX200 faces strong resistance at 5505, good to sell on rallies
Major support -5440 (50- day MA).. The index has broken support at 50- day MA and started to decline till 5418 at the time of writing.It is currently trading around 5426. ASX200 is trading well below Tenken-Sen (5463 ) a…
The index has broken support at 50- day MA and started to decline till 5418 at the time of writing.It is currently trading around 5426.
ASX200 is trading well below Tenken-Sen (5463 ) and above Kijun-Sen (5327) in the daily chart.But it should break above 5502 for further bullishness.
On the higher side,the index is facing psychological resistance at 5505 and any break above 5500 confirms minor bullishness, a jump till 5625 is possible. The index should break above 5625 for further jump till 5700.The minor resistance is around 5465 (10- day MA).
The minor support is around 5440 (50- day MA) and any break below targets 5390 (100- day MA)/5360 (21- day MA) in the short term.
It is good to sell on rallies around 5460 with SL around 5505 for the TP of 5400/5360.
