FxWirePro: ASX200 Faces Strong Support at 21 Day MA, Good to Buy at Dips

FxWirePro: ASX200 Faces Strong Support at 21 Day MA, Good to Buy at Dips

20 May 2016, 07:09
Roberto Jacobs
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FxWirePro: ASX200 Faces Strong Support at 21 Day MA, Good to Buy at Dips

  • Major resistance - 5400 
  • Major Support - 5293 (21 day MA) 
  • ASX200 has taken support near 21 day MA and slightly jumped till 5360 at the time of writing. It is currently trading at 5355.Short term trend is slightly bullish as long as support 5300 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 buy at dips around 5330 around  5290 for the TP of 5400/5430

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