FxWirePro: ASX200 trades slightly lower on political uncertainty, good to buy at dips

• Major resistance - 5290 (200 4H  MA)
   
• The index has declined sharply from the high of 5284 on Australia's political uncertainty .It is currently trading around 5261.
   
• An increasing likely  hung parliament is another blow to Australia confidence. Credit rating downgrade is possible if neither of major party manages to form government on its own.
   
• The intra day trend is slightly bullish as long as the support 5220 holds. 
   
• The index's major resistance is around 5290 and any break above targets 5325/5350. 
   
• On the lower side, support is around 5220 and any violation below that level will drag the index till 5200/5150/5100 in the short term.
   
• Overall bearish invalidation only above 5430.

It is good to buy at dips around 5220 with SL around 5175 for the TP of 5295/5325.