ASX200 faces major resistance at 5080, good to sell on rallies

FX:AUS200   S&P/ASX Index
54 0 2
Major resistance - 5078 (support turned into resistance)

ASX200             has slightly recovered after making a low of 4974. It is currently trading at 5018.

Short term trend is slightly weak as long as resistance 5080 holds. Any break above 5080 will take the index up till 5130/5160.

On the lower side any break below 4970 will drag the index till 4920/4850.

Short term trend reversal only above 5230.Break above targets 5275/5300.

It is good to sell on rallies around 5035-40 with SL around 5080 for the TP of 4975/4920 .
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