FxWirePro: ASX200 Declines After Making a High of 5378, Good to Sell on Rallies

FxWirePro: ASX200 Declines After Making a High of 5378, Good to Sell on Rallies

4 May 2016, 06:24
Roberto Jacobs
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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.

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