ASX200 faces strong support at 5675, break below targets 5580
Monday, May 29, 2017 2:42 AM UTC
- ASX200 formed a temporary top around 5964 on May 1st and declining slowly from the high. The decline in Australian stock market was mainly due to slight weakness in global commodity prices. It was consolidating in narrow range between 5802 and 5733 in the previous week.
The index is trading around 19646 0.17% lower.
- AUD/USD is declining sharply after hitting 89 EMA around 0.75170 and is currently trading around 0.7440.
- ASX200 has formed a triple bottom around 5675 and any break below will drag the index down till 5615 (200 day MA)/5579 (Feb 7th 2017) is possible.
- The near term major resistance is around 5840 (50 day MA) and any break above will take the index till 5929/5965.
It is good to sell on rallies around 5805 with SL around 5840 for the TP of 5675/5580.
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