ASX200 faces minor resistance around 5270, good to buy at dips

FX:AUS200   S&P/ASX Index
51 0 5
Major resistance -5270 ( trend line joining 5409 and 5296)

ASX             has made high of 5283 and declined till 5232 (50 day 4 HMA ) and started to recover from that level.The index is consolidating around 5270 and is trading around 5265.

Any break below 5232 will drag the index till 5215/5200 level. Short term weakness only below 5160.

On the higher side any break above 5270 will take the index to next level 5283 (30 th             Nov high)/5296 (23rd Nov high)/5318

It is good to buy at dips around 5250-55 with SL around 5230 for the TP of 5282/5296

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