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ASX200 breaks major support 4835, decline till 4765 is possible

  • Major support - 4835 (trend line joining 4765 and 4822)
     
  • Major resistance -4915 (Kijun-Sen)
     
  • The index has broken major support around 4835 and declined till 4825. It is currently trading around 4828.
     
  • Any break below 4835 confirms minor weakness , a decline till 4765 is possible. 
     
  • On the higher side resistance is around 4915 and break above targets 4950/5000. The index should close above 5000 for further up move. The minor resistance is around 4863/4878/4900.

It is good to sell on rallies around 4865-70 with SL around 4915 for the TP of 4765.

 

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