Technical Update - Correction time in ASX 200?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
S&P ASX 200 Index was rejected at the 0.764 Fibonacci retracement at 7,079. A correction is likely possibly down t 0,382 retracement at around 3,821. Strong support at 6,930, however where the Index could bounce from.
A close below 6,918 will put the correction scenario in to play.
ASX 200 needs to close above 7,077 to push higher towards strong resistance at 7,286
The RSI is testing its rising trendline and a close below is a strong indication of a correction or reversal of the trend.
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