FxWirePro:ASX200 struggles to close above 5500, good to sell on rallies
Major support - 5,460 (21 day MA) The index has declined till 5459 yesterday and slightly recovered from that level.It is currently trading around 5,485. Short term trend is bearish as long as the support e 5,540 (daily …
The index has declined till 5459 yesterday and slightly recovered from that level.It is currently trading around 5,485.
Short term trend is bearish as long as the support e 5,540 (daily Tenken-Sen) holds.
Any break above major resistance 5,540 will take the index to next level till 5600/5625/5,672 (161.8% retracement of 5,431 and 5,041)/5,700 in the short term.
On the lower side, support is around 5460 and any violation below that level will drag the index till 5400/5440.
It is good to sell on rallies at 5500 with SL around 5,550 for the TP of 5400.
