FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Buy at Dips

FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Buy at Dips

18 May 2016, 06:55
Roberto Jacobs
0
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FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Buy at Dips

  • Major resistance - 5400 
  • Major Support - 5325 (10 day EMA) 
  • ASX200 has broken major resistance 5380 and jumped till 5401. It is currently trading at 5385. 
  • Short term trend is slightly bullish as long as support 5325 holds. 
  • On the higher side any break above 540 will take the index to 5430/5500/5525. 
  • The major intraday support is around 5325 and any break below major support targets 5300/5250/5200.

It is good to buy at dips around 5360 around  5325 for the TP of 5400/5430/5500

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