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.