FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Sell on Rallies

FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Sell on Rallies

19 May 2016, 06:45
Roberto Jacobs
0
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FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Sell on Rallies

  • Major resistance - 5400
  • Major Support - 5300
  • ASX200 has broken minor support 5335 and declined till 5312. It is currently trading at 5322.
  • Short term trend is slightly bearish as long as resistance 5400 holds.
  • On the higher side any break above 5400 will take the index to 5430/5500/5525.The minor resistance is around 5350/5380.
  • The major intraday support is around 5300 and any break below major support targets 5250/5200.

It is good to sell on rallies around 5345-50 around  5400 for the TP of 5300/5250

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