Technical Update - ASX 200 Moving closer to strong resistance. Can uptrend continue much further?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
ASX 200 uptrend is closing in on its 200 SMA which will provide some resistance. However, there is room up till strong resistance at around 7,286. However, as can be seen from the weekly chart ASX 200 is getting close to the 0.618 retracement at around 7,160 and the 55 weekly SMA which are likely to provide some resistance.
A close below 6,918 will reverse the uptrend.
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