FxWirePro: ASX200 Faces Resistance at 5400, Good to Sell on Rallies
24 May 2016, 05:24
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FxWirePro: ASX200 Faces Resistance at 5400, Good to Sell on Rallies
- Major resistance - 5400
- Major Support - 5293 (21 day MA)
- ASX200 has made a high of 5370 and slightly retreated from that level.It is currently trading at 5314.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 5293 and any break below major support targets 5250/5200.
It is good to sell on rallies around 5355-5360 with SL around 5400 for the TP of 5295/5260
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