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