ASX200 Breaks Major Resistance 5000, Targets 5130
- Major support 4900
- ASX200 has broken major resistance 5000 and jumped till 5040. It is currently trading at 5036.
- Short term trend is slightly bullish as long as support 4965 (200 day HMA) holds.On the higher side major resistance is around 5040 and break above 5040 will take the index to next level till 5075/5130.
- Any break below major support 4900 will drag the index down till 4850/4800/4780 in short term.The minor support is around 4965/4920.
- Overall trend reversal will happen only if it closes above 5200.Break above targets 5275/5300.
It is good to buy at dips around 5000-5010 with SL around 4965 for the TP of 5075/5130
The material has been provided by InstaForex Company - www.instaforex.com