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2016.05.0123:12:00UTC+00Fxwirepro: Asx200 Faces Strong Support at 200 Day Ma,good to Buy at Dips

  • Major resistance - 5300
  • Major Support - 5140 (200 day MA)
  • ASX200 has recovered after making a low of 5179 at the time of writing. It is currently trading at 5216.
  • Short term trend is slightly bullish as long as support 5140 holds.
  • On the higher side any break above 5300 will take the index to 5330/5375.The minor resistance is at 5260.
  • The major intraday support is around 5200 and any break below major support targets 5165/5140.The minor support is at 5225.

It is good to buy at dips around 5190 SL around 5140 for the TP of 5260/5300.

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