FxWirePro: ASX200 Declines After Making a High of 5378, Good to Sell on Rallies
- Major resistance - 5380
- Major Support - 5140 (200 day MA)
- ASX200 pares early gains yesterday and declined till 5278 at the time of writing. It is currently trading at 5278.
- Short term trend is slightly bearish as long as resistance 5380 holds.
- On the higher side any break above 5380 will take the index to 54200/5450.The minor resistance is at 5330.
- The major intraday support is around 5250 and any break below major support targets 5200/ 5165/5140.
It is good to sell on rallies around 5330 SL around 5380 for the TP of 5205/5165.