Thursday, October 15, 2026

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FxWirePro:ASX200 struggles to break below 5500, good to buy on dips

Major resistance- 5625 (Aug 1st 2016 high). Major support - 5490 (34 EMA). The index has recovered after making a low of 5507 at the time of writing. It is currently trading around 5532. On the higher side,any break abov…

By FxWirePro Team
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EconoTimes — Reading the Times. Understanding the Future.

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  • Major resistance- 5625 (Aug 1st 2016 high).
     
  • Major support - 5490 (34 EMA).
     
  • The index has recovered after making a low of 5507 at the time of writing. It is currently trading around 5532.
     
  • On the higher side,any break above 5625 temporary top  confirms minor bullishness, a jump till 5700 is possible.
     
  • The minor support is around 5490 (34 day EMA) and any break below targets 5460/5400 in the short term.    

     It is good to buy on dips around 5530 with SL around 5490 for the TP of 5625/5700    

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By FxWirePro Team