FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Sell on Rallies
- Major resistance - 5430 (27th May 2016 high)
- Major Support - 5270
- ASX200 has broken major psychological support 5300 and declined till 5290 at the time of writing. It is currently trading at 5305.
- Short term trend is slightly weak as long as resistance 5400 holds.
- On the higher side any break above 5400 will take the index to 5485/550/5533 (161.8% retracement of 5270 and 5430).The minor resistance is around 5350/5385.
- The index minor support is around 5270 and any break below targets 5211 (90 day EMA).
It is good to sell on rallies around 5355-60 with SL around 5400 for the TP of 5270/5215.