FxWirePro: ASX200 faces strong support at 5450, good to buy on dips
Major support - 5459 (Aug 3rd 2016 low). The index has recovered after making a low of 5483.It is currently trading around 5544. The intraday trend is slightly bullish as long as the support 5459 holds. Any break above m…
The index has recovered after making a low of 5483.It is currently trading around 5544.
The intraday trend is slightly bullish as long as the support 5459 holds.
Any break above major resistance 5,531 (daily Tenken-Sen) will take the index to next level till 5600/5625/5,672 (161.8% retracement of 5,431 and 5,041)/5,700 in the short term.
On the lower side, support is around 5460 and any violation below that level will drag the index till 5400/5385.
It is good to buy on dips around 5500 with SL around 5450 for the TP of 5600.
