FxWirePro: ASX200 Struggles to Close Above 5300, Good to Sell on Rallies

FxWirePro: ASX200 Struggles to Close Above 5300, Good to Sell on Rallies

9 May 2016, 05:29
Roberto Jacobs
0
15

FxWirePro: ASX200 Struggles to Close Above 5300, Good to Sell on Rallies

  • Major resistance - 5375
  • Major Support - 5200 
  • ASX200 pares early gains today morning after making a high of 5321.It is currently trading at 5270. 
  • 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 sell on rallies around  5300-5310 SL around  5380 for the TP of 5205/5145.

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