Technical Update - ASX 200 breaking trendline. 6,900 is key Technical Update - ASX 200 breaking trendline. 6,900 is key Technical Update - ASX 200 breaking trendline. 6,900 is key

Technical Update - ASX 200 breaking trendline. 6,900 is key

Equities 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  ASX 200 broke rising trendline support. Medium-term uptrend in danger. 6,900 is key support to hold

ASX 200 broke below its medium-term rising trendline and found support at around d200 daily Moving Average just above support at round 6,905.
RSI is in negative sentiment indicating lower levels are likely. Key support at round 6,900 could be tested. If closing below further downside should be expected. Some support at around 6,633 and 6,430. A short-term correction up to around 7,200 could be seen
The trend is down however, and for this to reverse a close above 7,370 is needed.

Medium-term 6,905 is key support. A weekly close below is likely to fuel a sell-off down to previous lows around 6,407. However, weekly RSI is still bullish indicating ASX 200 to resume uptrend. 7,307 is the key level to confirm this


asx200d 15mar
Source all data and charts : Saxo Group
asx200w 15mar


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