- Major support -5395 (10- day MA).
- The index has jumped sharply till 5497 after hitting a low of 5417 on Friday. It is currently trading around 5485.
- ASX200 is trading well above Tenken-Sen (5374) and Kijun-Sen (5359) in the daily chart.The index has taken support near 10 -day MA and any break below confirms minor weakness.
- On the higher side,the index is facing psychological resistance at 5500 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 major support is around 5395 and any break below targets 5347/5300/5285 in the short term.
It is good to buy on dips around 5420 with SL around 5395 for the TP of 5500/5540.
