FxWirePro: ASX200 Faces Strong Support at 5020, Good to Buy at Dips
- Major support - 5078
- ASX200 has broken major resistance 5078 and jumped till 5099. It is currently trading at 5095.
- Short term trend is slightly bullish as long as support 45020 holds.On the higher side any break above 5078 will take the index to 5130/5165/5200.
- Any break below major support 5020 will drag the index down till 4960/4920/4900 in short term.The minor support is around 5050.
- 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