FxWirePro: ASX200 trades higher on rising commodity price, good to buy on dips
ASX200 has shown a minor weakness after hitting a high of 6097 on Dec 26th 2017. The index dipped till 6058 and is currently trading around 6078. Short term trend is bullish as long as support 5997 holds. The slight jump…
ASX200 has shown a minor weakness after hitting a high of 6097 on Dec 26th 2017. The index dipped till 6058 and is currently trading around 6078. Short term trend is bullish as long as support 5997 holds. The slight jump in index was mainly due to rise in mining stocks due to high commodity prices.
Any break below 5997 will drag the index to lower level till 5936 (Dec 5th 2017 low)/5911. Major weakness can be seen only below 5900.
On the higher side, major resistance is around 6097 and any break above will take the index to next level till 6121 (161.8% fibo)/6150/6200.
it is good to buy on dips around 6050-55 with SL around 5997 for the TP of 6121/6200.
