FxWirePro:ASX200 faces strong support at 4850, good to buy at dips
Major resistance - 4960 (Support turned into resistance) Major support 4850 ASX200 has recovered after making a low of 4890 level. It is currently trading at 4954. Short term trend is slightly bullish as long as support …
Major resistance - 4960 (Support turned into resistance)
Major support 4850
ASX200 has recovered after making a low of 4890 level. It is currently trading at 4954.
Short term trend is slightly bullish as long as support 4850 holds. Any break below 4850 will drag the index down till 4820/4785 in short term.The minor support is around 4920/4890.
On the higher side any break 4960 will take the index till 5020/5075.
Overall trend reversal will happen only if it closes above 5200.Break above targets 5275/5300.
It is good to buy at dips around 4910-15 with SL around 4850 for the TP of 5020/5075
