FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Sell on Rallies

FxWirePro: ASX200 Faces Strong Resistance at 5400, Good to Sell on Rallies

10 June 2016, 06:07
Roberto Jacobs
0
33

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.

The material has been provided by ifx_logo.gif



Share it with friends: