FxWirePro: ASX200 trades slightly above 5400, good to buy on dips
Major support - 5365 (Daily Kijun-Sen). The index has broken major pschycological resistance at 5400 and jumped till 5417 at the time of writing. It is currently trading around 5416. ASX200 is trading slightly well above…
The index has broken major pschycological resistance at 5400 and jumped till 5417 at the time of writing. It is currently trading around 5416.
ASX200 is trading slightly well above Tenken-Sen (5368) and Kijun-Sen (5284) in the hourly chart.
On the higher side,any break above 5400 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 5365 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
