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FxWirePro:ASX200 faces strong resistance 5570, goo to sell on rallies

Major resistance- 5570 (Aug 9th 2016 high). The index has once again declined after making a high of 5560 at the time of writing. It is currently trading around 5510. On the higher side,major resistance is around 5570 an…

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FxWirePro:ASX200 faces strong resistance 5570, goo to sell on rallies
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  • Major resistance- 5570 (Aug 9th 2016 high).
     
  • The index has once again declined after making a high of 5560 at the time of writing. It is currently trading around 5510.
     
  • On the higher side,major resistance is around 5570 and any break above will take the index to next level at 5625 (Aug 1st high)/5700.
     
  • The minor support is around 5498 (daily Kijun-Sen) and any break below targets 5450 (200 4H MA)/5400 in the short term.                  

It is good to sell on rallies around 5520 with SL around 5570 for the TP of 5450/5400    

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