FXWIREPRO: ASX200 Faces Strong Support Around 5850, Good to Buy at Dips
- Major resistance -5000 (55 4H EMA)
- Major support 4850
- ASX200 has recovered after making a low of 4888. It is currently trading at 4938.
- Short term trend is slightly bullish as long as support 4850 holds. Any break below 4850 will drag the index down till 4800/4780 in short term.The minor support is around 4880. â€‹
- On the higher side any break above 5000 will take the index to next level till 5040/5075/5130.
- Overall trend reversal will happen only if it closes above 5200.Break above targets 5275/5300.
It is good to buy at dips around 4900 with SL around 4850 for the TP of 5000/5075
The material has been provided by InstaForex Company - www.instaforex.com