FxWirePro:ASX200 faces strong resistance at 200- day MA, good to buy on dips

• Major support - 5150 (Sep 13th 2016 low)
   
• Major resistance - 5275 (200- day MA).
   
• The index jumped sharply till 5276 from the low of 5140  made yesterday on increasing hopes of Clinton victory in U.S Presidential elections. It is currently trading around 5247.
   
• ASX200 faces major resistance at 200- day MA and it should close above that level for minor jump till 5300/5325. 
   
• On the higher side, resistance is  at 5275 (200- day MA) and any break above 5275 targets 5300/5325 (daily Tenken-Sen). The index should break above 5505 for further jump till 5625.
   
• The minor support is around 5150 and any break below targets 5100/5000 in the short term.

It is good to buy on dips around 5200 with SL around 5150 for the TP of 5300/5325