- Major resistance -5270 (trend line joining 5409 and 5296)
- ASX has made high of 5283 and declined till 5232 (50 day 4 HMA) and started to recover from that level.The index is consolidating around 5270 and is trading around 5265.
- Any break below 5232 will drag the index till 5215/5200 level. Short term weakness only below 5160.
- On the higher side any break above 5270 will take the index to next level 5283 (30 th Nov high)/5296 (23rd Nov high)/5318
It is good to buy at dips around 5250-55 with SL around 5230 for the TP of 5282/5296
The material has been provided by InstaForex Company – www.instaforex.com