ASX index this week closed with loss at 5018. This was third losing week for this market index. ASX achieved my given target of 4970 and taken support at this level. On upside 5120 and 5300 are resistances as well as target zones for asxon reversal. On downside, 4970 and 4785 are support zones. If reversal fails and ASX slips below 4970 then traders must put their shorts target at 4785.