FxWirePro: ASX200 faces strong support at 5000, good to sell on rallies

• Major resistance -5000 (55 4H EMA)
   
• Major support 4850
   
• ASX200 has slightly retreated after making a high of 5000. It is currently trading at 4925. 
   
• Short term trend is slightly weak  as long as resistance 5000.On the higher side any break above 5000 will take the index to next level till 5040/5075/5130.
   
•  Any break below major support 4850 will drag the index down till 4800/4780 in short term.The minor support is around 4880.
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• Overall trend reversal will happen only if it closes above 5200.Break above targets 5275/5300.

It is good to sell on rallies around 4960 with SL around 5000 for the TP of 4900/4855