FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Buy at Dips
18 May 2016, 06:55
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FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Buy at Dips
- Major resistance - 5400
- Major Support - 5325 (10 day EMA)
- ASX200 has broken major resistance 5380 and jumped till 5401. It is currently trading at 5385.
- Short term trend is slightly bullish as long as support 5325 holds.
- On the higher side any break above 540 will take the index to 5430/5500/5525.
- The major intraday support is around 5325 and any break below major support targets 5300/5250/5200.
It is good to buy at dips around 5360 around 5325 for the TP of 5400/5430/5500
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