FxWirePro: ASX200 forms Bullish Cypher Pattern, good to buy on dips
Pattern Formed- Bullish Cypher pattern. Potential Reversal Zone (PRZ) - 5417. The index has formed Bullish cypher pattern in hourly chart and it is good to buy on dips. ASX200 has taken support near 200 - HMA and slightl…
The index has formed Bullish cypher pattern in hourly chart and it is good to buy on dips. ASX200 has taken support near 200 - HMA and slightly recovered from that level.
It is currently trading around 5460.Short term trend is slightly bullish as long as support 5436 holds.
On the higher side , the index is facing resistance around 5472 (21- HMA) and any break above targets 5502/5530 in the short term.It should break above 5625 for further bullishness.
Nikkei's minor support is around 5435 (200- HMA) and any break below will drag the index down till 5375/5350.
It is good to buy on dips around 5435 with SL around 5372 for the TP of 5502/5530.
