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FxWirePro: ASX200 takes support at 21 day MA, good to buy on dips

  • Major support - 5,485 (21 day MA).
     
  • The index has slightly recovered after making a low of 5459.It is currently trading around 5546.The index is facing strong support at 21 day MA and slight weakness can be seen only below that level.
     
  • Short term trend is slightly bullish as long as the support  5485 (21 day MA) holds. 
     
  • Any break above major resistance 5,542  (Daily Tenken-Sen) will take the index to next level till 5600/5625/5,672 (161.8% retracement of 5,431 and 5,041)/5,700 in the short term.
     
  • On the lower side, support is around 5485 and any violation below that level will drag the index till 5450/5400.

It is good to buy on dips around 5500 with SL around 5,460 for the TP of 5555/5600. 

  • Market Data
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