FxWirePro:ASX200 faces strong resistance at 5625, good to buy on dips
Wednesday, August 24, 2016 2:28 AM UTC
- Major resistance- 5625 (Aug 1st 2016 high).
- Major support - 5500 (trend line joining 5483 and 5459).
- The index has jumped till 5584 yesterday and slightly declined from that level. It is currently trading around 5562.
- On the higher side,any break above 5625 temporary top confirms minor bullishness , a jump till 5700 is possible.
- The minor support is around 5532 (daily Kijun-Sen) and any break below targets 5500/5460/5400 in the short term.
It is good to buy on dips around 5535 with SL around 5500 for the TP of 5625/5700