FxWirePro:ASX200 takes support at 50- day MA,good to buy on dips

• Major support -5440 (50- day MA).
   
• The index has taken support around 50- day MA and started to jump from that level.It is currently trading around 5462.
   
• ASX200 is trading well above Tenken-Sen (5461) and Kijun-Sen (5327) in the daily chart.But it should break above 5502 for further bullishness.
   
• On the higher side,the index is facing psychological resistance  at 5505 and any break above 5500 confirms minor bullishness, a jump till 5625 is possible. The index should break above 5625 for further jump till 5700.
   
• The minor support is around 5440 (50- day MA) and any break below targets 5390 (100- day MA)/5360 (21- day MA) in the short term. 

It is good to buy on dips around 5460 with SL around 5430 for the TP of 5505/5600.