FXWIREPRO: ASX200 Faces Strong Support Around 5850, Good to Buy at Dips

FXWIREPRO: ASX200 Faces Strong Support Around 5850, Good to Buy at Dips

8 April 2016, 06:26
Roberto Jacobs
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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. ​
  • 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



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