FxWirePro:ASX200 faces strong support at 100-day MA,good to buy on dips
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…
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.
