FxWirePro: ASX200 Recovers After Making a Low of 5194, Good to Buy at Dips

FxWirePro: ASX200 Recovers After Making a Low of 5194, Good to Buy at Dips

6 May 2016, 07:29
Roberto Jacobs
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FxWirePro: ASX200 Recovers After Making a Low of 5194, Good to Buy at Dips

  • Major resistance - 5300 
  • Major Support - 5135 (200 day MA)| 
  • ASX200 pares early losses today morning after making a low of 5194. It is currently trading at 5252. 
  • Short term trend is slightly bearish as long as resistance 5380 holds. 
  • On the higher side any break above 5300 will take the index to 5330/5380/5420. 
  • The major intraday  support is around 5225 and any break below major support targets 5200/ 5165/5140.

It is good to buy at dips around  5225 SL around  5180 for the TP of 5300/5375.

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