FxWirePro: ASX200 Faces Strong Support at 200 Day MA, Good to Buy at Dips

FxWirePro: ASX200 Faces Strong Support at 200 Day MA, Good to Buy at Dips

2 May 2016, 06:09
Roberto Jacobs
0
35

FxWirePro: ASX200 Faces Strong Support at 200 Day MA, Good to Buy at Dips

  • Major resistance - 5300  
  • Major Support - 5140 (200 day MA) 
  • ASX200 has recovered after making a low of 5179 at the time of writing.  It is currently trading at 5216. 
  • Short term trend is slightly bullish as long as support 5140 holds. 
  • On the higher side any break above 5300 will take the index to 5330/5375.The minor resistance is at 5260. 
  • The major intraday  support is around 5200 and any break below major support targets 5165/5140.The minor support is at 5225.

It is good to buy at dips around  5190 SL around  5140 for the TP of 5260/5300.

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