FxWirePro:ASX200 downside capped by 38.2% fibo, good to buy on dips

• Minor resistance -5452 (10- day MA).
   
• Major support - 5370 (38.2% retracement of 5152 and 5505).
   
• The index has recovered sharply from the low of 5380.It is currently trading around 5431.
   
• ASX200 faces strong support at 38.2% retracement of 5152 and 5505 and any further weakness only below that level.
   
• On the higher side,resistance is  at 5452 (10- day MA) and any break above 5452 confirms minor bullishness, a jump till 5505 is possible. The index should break above 5625 for further jump till 5700.
   
• The minor 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 5400 with SL around 5370 for the TP of 5460/5505.