FXWIREPRO: ASX200 Faces Strong Support at 5000, Good to Sell on Rallies
11 April 2016, 05:37
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FXWIREPRO: ASX200 Faces Strong Support at 5000, Good to Sell on Rallies
- Major resistance -5000 (55 4H EMA)
- Major support 4850
- ASX200 has slightly retreated after making a high of 5000. It is currently trading at 4925.
- Short term trend is slightly weak as long as resistance 5000.On the higher side any break above 5000 will take the index to next level till 5040/5075/5130.
- Any break below major support 4850 will drag the index down till 4800/4780 in short term.The minor support is around 4880. ​
- Overall trend reversal will happen only if it closes above 5200.Break above targets 5275/5300.
It is good to sell on rallies around 4960 with SL around 5000 for the TP of 4900/4855
The material has been provided by InstaForex Company - www.instaforex.com
