ASX200 Breaks Major Trend Line Resistance, Jump Till 5020 Is Possible

ASX200 Breaks Major Trend Line Resistance, Jump Till 5020 Is Possible

7 April 2016, 06:56
Roberto Jacobs
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ASX200 Breaks Major Trend Line Resistance, Jump Till 5020 Is Possible

  • Major resistance - 4965 (Trend line joining 5101 and 5045) 
  • Major support 4850 
  • ASX200 has broken major resistance around 4965 and jumped till 4986 at the time of writing. It is currently trading at 4962. 
  • Intra day trend is slightly bullish  as long as support 4920 holds. Any break below 4920 will drag the index down till 4880/1850 in short term.The minor support is around 4950. 
  • On the higher side any break 4965 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 4920-30 with SL around 4880 for the TP of 5020/5075

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



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