FxWirePro: ASX200 Recovers After Making a Low of 5270, Good to Sell on Rallies

FxWirePro: ASX200 Recovers After Making a Low of 5270, Good to Sell on Rallies

3 June 2016, 06:59
Roberto Jacobs
0
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FxWirePro: ASX200 Recovers After Making a Low of 5270, Good to Sell on Rallies

  • Major resistance - 5350 
  • Major Support - 5300 (200 day 4 H MA) 
  • ASX200 has recovered till 5332 at the time of writing after making a low of 5269 . It is currently trading at 5312. 
  • Short term trend is slightly bearish  as long as resistance 5350 holds. 
  • On the higher side any break above 5350 will take the index to 5385/5400/5430/5485.The minor resistance is around 5325.  
  • The index major support is around 5240 (55 day EMA)  and break below 5240 targets 5200/5125.

It is good to Sell on rallies around 5320 with SL around 5360 for the TP of 5250/5205.

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