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FxWirePro: ASX200 faces resistance at 5400,good to sell on rallies

Tuesday, May 24, 2016 2:48 AM UTC

Major resistance - 5400
Major Support - 5293 (21 day MA)
ASX200 has made a high of 5370 and slightly retreated from that level.It is currently trading at 5314.Short term trend is slightly bearish as long as resistance 5400 holds.
On the higher side any break above 5400 will take the index to 5430/5500/5525.The minor resistance is around 5350/5380.
The major intraday support is around 5293 and any break below major support targets 5250/5200.

It is good to sell on rallies around 5355-5360 with SL around 5400 for the TP of 5295/5260

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FxWirePro: ASX200 faces resistance at 5400,good to sell on rallies

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