FxWirePro: ASX200 Struggle to Close Above 5400, Good to Buy at Dips

FxWirePro: ASX200 Struggle to Close Above 5400, Good to Buy at Dips

9 June 2016, 06:38
Roberto Jacobs
0
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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.

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