Technical Analyst, Saxo Bank
S&P ASX 200 has broken out of its rising channel in what could be a correction. Minor support at 7,102 and strong support at 7K where the 55 and 200 SMAs will provide support.
However, RSI is still showing positive sentiment so if ASX200 moves higher to close above 7,254 uptrend will resume with a likely new high above 7,400
Hang Seng Index could be running out of steam just below 20K and key strong resistance at 20,185.
Divergence on RSI indicates trend exhaustion and if Hang Seng drops back below its medium-term falling trend line bears could find renewed energy. A daily close below 18,799 will confirm new down trend. Support at around 17K.
China A50 (future) seems to be struggling breaking above its 200 daily SMA just below key resistance at 13,502 and the 0.618 retracement.
If A50 slides back below 13K further down side should be expected towards 12,500-12,250. A daily close below 12,610 will confirm new down trend that is likely to test the falling medium-term trend line (black line)
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