FxWirePro: ASX200 faces strong support at 200 day MA, good to buy at dips

• Major resistance - 5200  (4 h Tenken-Sen)
   
• Major Support - 5130 (200 day MA)
   
• ASX200 has made a low of 5150 and slightly recovered from that level. It is currently trading at 5180.
   
• Short term trend is slightly bullish as long as support 5130 holds.
   
• Any violation below major support will drag the index down till 5075/5000 in the short term.
   
• On the higher side any break above 5200 will take the index to 5260 (55 day EMA)/5300/5337 (21 day MA).

It is good to buy at dips around 5160-65 with SL around 5130 for the TP of  5250