FXWIREPRO: ASX200 Struggles to Close Above 5000, Good to Sell on Rallies
12 April 2016, 06:44
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FXWIREPRO: ASX200 Struggles to Close Above 5000, Good to Sell on Rallies
- Major resistance -4975 (55 4H EMA)
- Major support 4900
- ASX200 has slightly recovered after making a low of 4906. It is currently trading at 4960.
- Short term trend is slightly weak as long as resistance holds.On the higher side major resistance is around 4975 and break above 4975 will take the index to next level till 5000/5040/5075.
- Any break below major support 4900 will drag the index down till 4850/4800/4780 in short term.The minor support is around 4920.
- 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
