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…
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.
