FxWirePro:ASX200 struggles to break 200-day MA, good to sell on rallies

13 September 2016, 15:36
Eko Rediantoro
0
6

  • Major resistance -5296 (3-day EMA).
     
  • Major support - 5208 (200- day MA).
     
  • The index has broken major support at  200- day MA and slightly recovered from that level. It is currently trading around 5231.
     
  • On the higher side,minor resistance is around 5296 (3-day EMA) and any break above 5296 will take the pair till 5382/5400/5429 (55- day EMA)). The index should break above 5625 for further jump till 5700.
     
  • The major support is around 5208 (200- day MA) and any close below targets 5150/5100 in the short term. 

 It is good to sell on rallies around 5300 with SL around 5351 for the TP of 5205/5155


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