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.