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FxWirePro: ASX200 faces strong support at 200 day MA, good to sell on rallies

Major Intraday resistance - 5276 (200 4H MA) The index has taken support near 200 day MA and recovered sharply from that level.It is currently trading around 5222. Overall trend is weak as long as the resistance 5276 (20…

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FxWirePro: ASX200 faces strong support at 200 day MA, good to sell on rallies
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  • Major Intraday  resistance - 5276 (200 4H  MA)
     
  • The index has taken support near 200 day MA and recovered sharply from that level.It is currently trading around 5222.
     
  • Overall trend is weak as long as the resistance 5276 (200 4H MA) holds. 
     
  • Any break above 5276 will take the index to next level till 5300/5325. 
     
  • On the lower side, support is around 5140 (200 day MA) and any violation below that level will drag the index till 5100/5075 in the short term.
     
  • Overall bearish invalidation only above 5430.

It is good to sell on rallies around 5235-5240 with SL around 5276 for the TP of 5145/5100.

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