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 …
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.
