FxWirePro:ASX200 faces major resistance around 5080, good to sell on rallies
Major resistance - 5100 ASX200 has broken minor support 5020 and declined till 4982 at the time of writing. It is currently trading at 4995. Short term trend is slightly weak as long as resistance 5100 holds. Any break a…
ASX200 has broken minor support 5020 and declined till 4982 at the time of writing. It is currently trading at 4995.
Short term trend is slightly weak as long as resistance 5100 holds. Any break above 5100 will take the index up till 5130/5160.The minor resistance is around 5035/5080
On the lower side any break below 4970 will drag the index till 4920/4850.
Short term trend reversal will happen only if it closes above 5200.Break above targets 5275/5300.
It is good to sell on rallies around 5035-40 with SL around 5080 for the TP of 4975/4920 .
