FxWirePro:ASX200 faces strong resistance at 100-day MA, good to sell on rallies

• Major support - 5040 (Jun 27th low).
   
• Major resistance - 5406 (100- day MA).
   
• The index jumped sharply after forming a temporary bottom at 5041 at 9th Nov 2016. It is currently trading around 5312.
   
• 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 5406 (100- day MA) and any break above 5406 targets 5548/5505. The index should break above 5505 for further jump till 5625.
   
• The major support is around 5280 (200- day MA) and any break below targets 5200/5150 in the short term.

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