ASX200 Faces Major Resistance at 5080, Good to Sell on Rallies

ASX200 Faces Major Resistance at 5080, Good to Sell on Rallies

30 March 2016, 06:24
Roberto Jacobs
0
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ASX200 Faces Major Resistance at 5080, Good to Sell on Rallies

  • Major resistance - 5078 (support turned into resistance) 
  • ASX200 has slightly recovered after making a low of 4974. It is currently trading at 5018. 
  • Short term trend is slightly weak as long as resistance 5080 holds. Any break above 5080 will take the index up till 5130/5160. 
  • On the lower side any break below 4970 will drag the index till 4920/4850.  
  • Short term trend reversal only above 5230.Break above targets 5275/5300.

It is good to sell on rallies around 5035-40 with SL around 5080 for the TP of 4975/4920 .

The material has been provided by InstaForex Company - www.instaforex.com

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