FxWirePro: ASX200 trades slightly below 21 MA, good to sell on rallies
Major support - 5515 (21 day MA). The index has broken major support 5515 and declined till 5487 at the time of writing .It is currently trading around 5491. The index is trading slightly below 21 dayMA a slight decline …
The index has broken major support 5515 and declined till 5487 at the time of writing .It is currently trading around 5491. The index is trading slightly below 21 dayMA a slight decline till 5460/5400 is possible.
The intraday trend is slightly bearish as long as the resistance 5600 holds.
Any break above major resistance 5,540 (daily Tenken-Sen) will take the index to next level till 5600/5625/5,672 (161.8% retracement of 5,431 and 5,041)/5,700 in the short term.
On the lower side, support is around 5460 and any violation below that level will drag the index till 5400/5385.
It is good to sell on rallies around 5535-5540 with SL around 5,600 for the TP of 5460/5400.
