FxWirePro:ASX200 trades lower, good to sell on rallies
Major support - 5342 (38.2% retracement of 4888 and 5505). The index has broken major support at 5340 and declined till 5315 at the time of writing.It is currently trading around 5321. ASX200 breaks below 38.2% retraceme…
Major support - 5342 (38.2% retracement of 4888 and 5505).
The index has broken major support at 5340 and declined till 5315 at the time of writing.It is currently trading around 5321.
ASX200 breaks below 38.2% retracement of 4888 and 5625 confirms minor trend reversal, decline till 5255 .
On the higher side,resistance is at 5365 (Hourly Kijun-Sen) and any break above 5365 targets 5415/5460/5505. The index should break above 5625 for further jump till 5700.
The minor support is around 5300 and any break below targets 5255 in the short term.
It is good to sell on rallies around 5355-60 with SL around 5400 for the TP of 5255.
