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