FxWirePro:AUS200 struggles to close below 200- day MA, good to buy on dips
Major support - 5040 (Jun 27th low). •Major resistance - 5412 (100- day MA). •The index jumped slightly after declining slightly below 200- day MA. It is currently trading around 531. •ASX200 faces major resistance at 10…
•The index jumped slightly after declining slightly below 200- day MA. It is currently trading around 531.
•ASX200 faces major resistance at 100- day MA and it should close above that level for minor jump till 5505.
•On the higher side, resistance is at 5406 (100- day MA) and any break above 5406 targets 5548/5505. The index should break above 5505 for further jump till 5625.
•The major support is around 5280 (200- day MA) and any break below targets 5200/5150 in the short term.
It is good to sell on rallies around 5355-5360 with SL at 5410 for the TP of 5151/5050.
