FxWirePro:ASX200 faces strong support at 100-day MA, good to buy on dips
Major resistance -5441 (55-day EMA). Major support - 5350. The index has slightly retreated after making a high of 5439 at the time of writing. It is currently trading around 5423. On the higher side,minor resistance is …
The index has slightly retreated after making a high of 5439 at the time of writing. It is currently trading around 5423.
On the higher side,minor resistance is around 5441 (55- day EMA) and any break above 5442 will take the pair to next level till 5477 (daily Kijun-Sen)/5500/5520. The index should break above 5625 for further jump till 5700.
The major support is around 5375 (100-day MA)and any break below targets 5333 (50% retracement of 5041 and 5625)/ 5300 (cloud bottom)/5264 in the short term.
It is good to buy on dips at around 5400 with SL around 5375 for the TP of 5477/5500
