asx 200 index forecast for may 2013

asx 200 index forecast for may 2013

 

asx 200 index forecast for may 2013

asx 200 index on daily chart is in absolute uptrend and with strong bullish momentum.on chart trading above all short term averages.today closed at 5156 with half percent gains.on daily chart 5129 is weekly average then 5050 is month average and second major support on chart while in last 4975 is 3 month average and last support of this bull market.momentum indicators are mixed and showing mixed signals.

for month of may,asx 200 index major and critical closing basis support as well stoploss is 5090 above this keep buy on dips and long side accumulation view.on upside 5295 will be first target and 5400 is second one.

but if slips below 5090 and sustain then go short or reverse all longs into shorts and expect 4980 as first downside target.on monthly chart asx 200 index cci indicators is overbought and triggered sell signal so investors must stay cautious here cap profit with stoplosses.

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Pramod Baviskar

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