FxWirePro: ASX200 takes support at 21- day MA, good to buy on dips

• Major resistance- 5449 (61.8% retracement of 5625 and 6152).
   
• Major support -5350 (21- day MA).
   
• The index has retreated sharply till 5373 at the time of writing from the high of 5441. It is currently trading around 5392.
   
• ASX200 is trading slightly  above Tenken-Sen (5368) and Kijun-Sen (5284) in the hourly chart.
   
• On the higher side,any break above 5449 (61.8% retracement of 5625 and 6152) confirms minor trend reversal, a jump till till 5449 (61.8% retracement of 5625 and 6152)/5500. The index should break above 5625 for further jump till 5700.
   
• The major support is around 5350 and any break below targets 5300/5285 in the short term. 

It is good to buy on dips around 5370-75 with SL around 5345 for the TP of 5450