- Major support - 5370 (38.2% retracement of 5152 and 5505).
- The index has recovered sharply from the low of 5407 at the time of writing.It is currently trading around 5439.
- ASX200 faces strong support at 38.2% retracement of 5152 and 5505 and any further weakness only below that level.
- On the higher side,resistance is at 5460 and any break above 5460 confirms minor bullishness, a jump till 5505 is possible. The index should break above 5625 for further jump till 5700.
- The minor support is around 5399 (100- day MA) and any break below targets 5370 (38.2% retracement of 5152 and 5505)/5350/5300 in the short term.
It is good to buy on dips around 5400 with SL around 5370 for the TP of 5460/5505.
