Technical Update - ASX 200 breaking resistance levels. Potential for further upside
Kim Cramer Larsson
Technical Analyst, Saxo Bank
The S&P ASX 200 Index closed Friday above resistance at 7,138 and is set for higher level. RSI in positive sentiment and no divergence supporting the view of higher ASX levels. Next resistance is at around 7,287.
With the weekly close above 7,138 ASX 200 confirmed medium-term uptrend. If ASX can close above 7,289 previous highs are likely to be tested. RSI on weekly closing above 60 will further confirm the uptrend.
For ASX 200 to reverse the short-term uptrend a close below 8,623 is needed. For indication of this to play out would be if ASX slides back below its short-term black rising trend line
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