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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 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.

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