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Technical Update - ASX 200

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

ASX200 bounced off a few points above 0.618 Fibonacci retracement at 7,22 and more importantly above key resistance at 7,356.
Friday it closed previous support now minor resistance at around 7,437. If ASX closes above the very short term 0.618 retracement at 7,475 the Index is very likely to test previous highs.
If dropping back below 7,356 selling pressure will likely resume . 

ASX200 daily 29 apr
Source: Saxo Group

Medium term the uptrend is still intact. Needs to close below 7,233 to reverse. However, RSI seems to struggle to get back above 60 threshold which is a sign of some weakness. To confirm uptrend RSI needs to close above 60 threshold.

ASX200 w 29 apr
Source: Saxo Group

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