FxWirePro: ASX200 Faces Strong Resistance at 5300, Good to Sell on Rallies
- Major resistance - 5300
- ASX200 has made a high of 5291 on Friday and slightly declined from that level. It is currently trading at 5252.
- Short term trend is slightly bullish as long as support 5200 holds.
- On the higher side any break above 5300 will take the index to 5330/5375.
- The major intraday support is around 5220 and any break below major support 5200/5150.
It is good to sell on rallies around 5260-65 with SL around 5300 for the TP of 5200/5160.
The material has been provided by InstaForex Company - www.instaforex.com