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