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% 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.