FxWirePro: ASX200 Faces Strong Support at 200 Day MA, Good to Buy at Dips
2 May 2016, 06:09
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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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