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FxWirePro:ASX200 faces strong resistance around 5400, good to sell on rallies

Major support - 5270 (Nov 17th low).

•Major resistance - 5413 (100- day MA).

•The index jumped till 5369 and slightly declined slightly from that level. It is currently trading around 5354.

•ASX200 faces major resistance at 100- day MA and it should close above that level for minor jump till 5505.

•On the higher side, resistance is  at 5413 (100- day MA) and any break above 5412 targets 5548/5505. The index should break above 5505 for further jump till 5625.The minor resistance is around 5365.

•The major support is around 5310 (21- day MA) and break below targets 5280 (200- day MA)/5200 in the short term.

It is good to sell on rallies around 5355-5360 with  SL at 5410 for the TP of 5151/5050.

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