• Major resistance – 5350
     
  • Major Support – 5300 (200 day 4 H MA)
     
  • ASX200 has recovered till 5332 at the time of writing after making a low of 5269 . It is currently trading at 5312.
     
  • Short term trend is slightly bearish  as long as resistance 5350 holds.
     
  • On the higher side any break above 5350 will take the index to 5385/5400/5430/5485.The minor resistance is around 5325. 
     
  • The index major support is around 5240 (55 day EMA)  and break below 5240 targets 5200/5125.

It is good to sell on rallies around 5320 with SL around 5360 for the TP of 5250/5205.

The material has been provided by InstaForex Company – www.instaforex.com