FxWirePro:ASX200 faces psychological resistance at 5500, good to buy on dips
Major support -5395 (55- day EMA). The index has jumped till 5484 and started to declined from that level.It is currently trading around 5435. ASX200 is trading well above Tenken-Sen (5374) and Kijun-Sen (5359) in the da…
The index has jumped till 5484 and started to declined from that level.It is currently trading around 5435.
ASX200 is trading well above Tenken-Sen (5374) and Kijun-Sen (5359) in the daily chart.
On the higher side,any break above 5500 confirms minor bullishness, a jump till 5625 is possible. The index should break above 5625 for further jump till 5700.
The major support is around 5395 and any break below targets 5347/5300/5285 in the short term.
It is good to buy on dips around 5420 with SL around 5395 for the TP of 5500/5540.
