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Long

ASX200 forms Bullish Cypher Pattern, good to buy on dips

FX:AUS200   S&P/ASX index of Australian listed shares
48 0 3
Pattern Formed- Bullish Cypher pattern .

Potential Reversal Zone (PRZ) - 5417

The index has formed Bullish cypher pattern in hourly chart and it is good to buy on dips. ASX200             has taken support near 200 - HMA and slightly recovered from that level.

It is currently trading around 5460.Short term trend is slightly bullish as long as support 5436 holds.

On the higher side , the index is facing resistance around 5472 (21- HMA) and any break above targets 5502/5530 in the short term.It should break above 5625 for further bullishness.

Nikkei's minor support is around 5435 (200- HMA) and any break below will drag the index down till 5375/5350.

It is good to buy on dips around 5435 with SL around 5372 for the TP of 5502/5530.
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