Technical Update - ASX 200 close above key resistance indicating further upside
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
S&P ASX 200 closed Friday above resistance at 6,930. Combined with RSI above 60 and no divergence, there are strong indications there is more upside potential in Australian equities. 7K is likely to be tested and broken in the first week of August. Resistance at 7,080 and strong resistance at 7,286. The 100 SMA and the 200 SMA are likely to provide some resistance meaning strong resistance at 7,286 can be (too?) hard to break.
To reverse this rebound a close below 6,743 is needed.
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