- 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
