FxWirePro: ASX200 faces strong support at 5150, good to sell on rallies

• Major support - 5250 (trend line joining 4888 and 5041).
   
• Minor intra day resistance - 5265 (5- day MA)
   
• Major Resistance - 5150 (Sep 13th low)
   
• The index has taken support near 5150 low made on Sep 13th and started to jump from that level.It is currently trading around 5224.
   
• ASX200 faces minor resistance at 5- day MA and it should close above that level for minor jump till 5300/5325 (daily Tenken-Sen) .
   
• On the higher side,resistance is  at 5265 (5- day MA) and any break above 5265 targets 5300/5325 (daily Tenken-Sen). The index should break above 5505 for further jump till 5625.
   
• The minor support is around 5150 and any break below targets 5100/5000 in the short term.

It is good to sell on rallies around 5250-5260 with SL around 5325 for the TP of 5150.