ASX200:Buy above Break out

FX:AUS200   S&P/ASX Index
45 0 3
Major resistance - 5055 ( trend line joining 5220 and 5100)

ASX200             has recovered after making a low of 4961. It is currently trading at 5041.

Short term trend is slightly bullish as long as support 4960 holds. Any break below 4960 will drag the index down till 4920/4850 level.The minor support is around 5000.

On the higher side any break above 5055 will take the index till 5080/5130/5160. 

Overall trend reversal will happen only if it closes above 5200.Break above targets 5275/5300.

It is good to buy above 5055 with SL around 5000 for the TP of 5130/5160 .
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