FxWirePro:ASX downside capped by 38.2% fibo, good to buy on dips

• Major support - 5370 (38.2% retracement of 5152 and 5505).
   
• The index has formed double bottom around 5370 and started to jump sharply from that level.It is currently trading around 5446.
   
• ASX200 faces strong support at 38.2% retracement of 5152 and 5505 and any further weakness only below that level.The index is trading slightly above Tenken-Sen (5430) and Kijun-Sen (5415).
   
• On the higher side,resistance is  at 5460 and any break above 5460 confirms minor bullishness, a jump till 5505 is possible. The index should break above 5625 for further jump till 5700.
   
• The major support is around 5370 (38.2% retracement of 5152 and 5505) and any break below targets 5350/5300 in the short term.

It is good to buy on dips around 5410-5415 with SL around 5370 for the TP of  5525/5620