FxWirePro: ASX200 Faces Strong Support at 5270, Good to Buy at Dips

FxWirePro: ASX200 Faces Strong Support at 5270, Good to Buy at Dips

6 June 2016, 06:37
Roberto Jacobs
0
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FxWirePro: ASX200 Faces Strong Support at 5270, Good to Buy at Dips

  • Major resistance - 5350 
  • Major Support - 5270  
  • ASX200 has recovered till 5359 after making a low of 5283 at the time of writing. It is currently trading at 5359. 
  • Short term trend is slightly bullish  as long as support 5270 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 5270 and any break below targets 5245 (55 day EMA) /5200.

It is good to buy at dips around 5300-5300 around with SL around 5270 for the TP of 5385/5430.

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