FxWirePro: ASX200 struggles to close below 5300, good to buy at dips
Major resistance - 5430 (27th May 2016 high) Major Support - 5270 ASX200 has started to decline after making a high of 5394 yesterday. It is currently trading at 5356. Short term trend is slightly bullish as long as supp…
ASX200 has started to decline after making a high of 5394 yesterday. It is currently trading at 5356.
Short term trend is slightly bullish as long as support 5270 holds.
On the higher side any break above 5430 will take the index to 5485/550/5533 (161.8% retracement of 5270 and 5430).The minor resistance is around 5380.
The index major support is around 5270 and any break below targets 5245 (55 day EMA) /5200.The immediate support is at 5325/5300.
It is good to buy at dips around 5300-5300 around with SL around 5270 for the TP of 5385/5430.
