ASX200 Breaks Major Support 5340, Decline Till 5250/5235 Is Possible

ASX200 Breaks Major Support 5340, Decline Till 5250/5235 Is Possible

1 June 2016, 05:56
Roberto Jacobs
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ASX200 Breaks Major Support 5340, Decline Till 5250/5235 Is Possible

  • Major resistance - 5430 
  • Major intraday Support - 5340 (21 day MA) 
  • ASX200 has broken major support at 5340 and declined till 5303. It is currently trading at 5308. 
  • Short term trend is slightly bearish  as long as resistance 5430 holds. 
  • On the higher side any break above 5380 will take the index to 5400/5430/5485.The minor resistance is around 5360.  
  • Any break below 5300 targets /5250/5235.

It is good to Sell on rallies around 5360-65 with SL around 5400 for the TP of 5250/5235.

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