FxWirePro: ASX200 Struggle to Close Above 5400, Good to Buy at Dips
- Major resistance - 5430 (27th May 2016 high)
- Major Support - 5270
- ASX200 has started to decline after making a high of 5387 yesterday. It is currently trading at 5355.
- Short term trend is slightly bullish as long as support 5270 holds.
- On the higher side any break above 5430 will take the index to 5485/550/5533 (161.8% retracement of 5270 and 5430).The minor resistance is around 5380.
- The index minor support is around 5345 (daily Tenken-Sen) and any break below targets 5310 (daily Kijun-Sen)/5270.
It is good to buy at dips around 5300-5310 around with SL around 5270 for the TP of 5385/5430.