ASX 200 bounced strongly from lower falling trendline and is now back above the Cloud (Shaded area) and above all daily Moving Averages.
RSI still below 60 threshold and needs to close above to turn to positive sentiment.
ASX is facing strong resistance at around 7,370. A close above supported by an RSI close above 60 will confirm bullish trend with potential to 7,600
Medium-term ASX200 has been range bound for several months now. However, weekly RSI is still showing positive sentiment and a close back above 60 will confirm ASX resuming uptrend.
Strong resistance around 7,600-7,630. A break above could give upside potential to 8,250-8,300
A close below 6,900 will demolish the bullish picture