FxWirePro:ASX200 trades slightly above 10 -day MA, good to buy on dips
Minor resistance -5450 (10- day MA). Major support - 5370 (38.2% retracement of 5152 and 5505). The index has recovered sharply from the low of 5414 made yesterday.It is currently trading around 5450. ASX200 faces strong…
Major support - 5370 (38.2% retracement of 5152 and 5505).
The index has recovered sharply from the low of 5414 made yesterday.It is currently trading around 5450.
ASX200 faces strong support at 38.2% retracement of 5152 and 5505 and any further weakness only below that level.
On the higher side,resistance is at 5450 (10- day MA) and any break above 5450 confirms minor bullishness, a jump till 5505 is possible. The index should break above 5625 for further jump till 5700.
The minor support is around 5370 (38.2% retracement of 5152 and 5505) and any break below targets 5350/5300 in the short term.
It is good to buy on dips around 5400 with SL around 5370 for the TP of 5460/5505.
