Major support – 5650 (trend line joining 5270 and 5380)
•ASX200 takes support near trend line and jumped from that level.The index jumped till 5719 at the time of writing and is currently trading around 5686.
•The index faces strong trend line support at 5650 and any break below will drag the index down till 5515.
•On the higher side, major resistance is at 5720 (support turned into resistance) and any break below will take the index till 5753 (10- day MA)/5800/5832/5940/6000.
It is good to sell on rallies around 5685-5690 with SL around 5760 for the TP of 5615.
•ASX200 takes support near trend line and jumped from that level.The index jumped till 5719 at the time of writing and is currently trading around 5686.
•The index faces strong trend line support at 5650 and any break below will drag the index down till 5515.
•On the higher side, major resistance is at 5720 (support turned into resistance) and any break below will take the index till 5753 (10- day MA)/5800/5832/5940/6000.
It is good to sell on rallies around 5685-5690 with SL around 5760 for the TP of 5615.
