FxWirePro:ASX200 takes support near 200 -day MA, good to buy on dips
Major support - 5250 (trend line joining 4888 and 5041). Minor intra day resistance - 5305 (5- day MA) The index has taken support near trend line and slightly recovered from that level.It is currently trading around 528…
Major support - 5250 (trend line joining 4888 and 5041).
Minor intra day resistance - 5305 (5- day MA)
The index has taken support near trend line and slightly recovered from that level.It is currently trading around 5286.
ASX200 breaks below 200- day MA at 5263 and declined till 5260. But it should close below 200- day MA for further weakness .
On the higher side,resistance is at 5305 (5- day MA) and any break above 5305 targets 5359 (daily Tenken-Sen)/5385/5420 (21- day MA. The index should break above 5505 for further jump till 5625.
The minor support is around 5250 and any break below targets 5200/5155 in the short term.
It is good to buy on dips around 5280 with SL around 5250 for the TP of 5365.
