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

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

24 May 2016, 05:24
Roberto Jacobs
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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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