FXWIREPRO: ASX200 Faces Strong Support at 4850, Good to Buy at Dips

FXWIREPRO: ASX200 Faces Strong Support at 4850, Good to Buy at Dips

6 April 2016, 06:43
Roberto Jacobs
0
35

FXWIREPRO: ASX200 Faces Strong Support at 4850, Good to Buy at Dips

  • Major resistance - 4960 (Support turned into resistance) 
  • Major support 4850 
  • ASX200 has recovered after making a low of 4890 level. It is currently trading at 4954. 
  • Short term trend is slightly bullish  as long as support 4850 holds. Any break below 4850 will drag the index down till 4820/4785 in short term.The minor support is around 4920/4890. 
  • On the higher side any break 4960 will take the index till 5020/5075. 
  • Overall trend reversal will happen only if it closes above 5200.Break above targets 5275/5300.

It is good to buy at dips around 4910-15 with SL around 4850 for the TP of 5020/5075

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


Share it with friends: