FxWirePro: ASX200 Faces Strong Support at 5300, Good to Buy at Dips

FxWirePro: ASX200 Faces Strong Support at 5300, Good to Buy at Dips

16 May 2016, 05:54
Roberto Jacobs
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FxWirePro: ASX200 Faces Strong Support at 5300, Good to Buy at Dips

  • Major resistance - 5380 
  • Major Support - 5307 (10 day EMA) 
  • ASX200 pares early losses  made today and slightly jumped till 5372 at the time of writing. It is currently trading at 5368. 
  • Short term trend is slightly bullish as long as support 5300 holds. 
  • On the higher side any break above 5380 will take the index to 5430/5500/5525. 
  • The major intraday support is around 5300 and any break below major support targets 5250/5200.

It is good to buy at dips around 5340 around  5300 for the TP of 5300/5250/5200

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