Technical Update - ASX200 breaking resistance. Can it move higher?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
S&P/ASX200 closed above resistance at around 6,828 establishing a short-term uptrend. It is a weak uptrend however, since RSI has so far failed to close above 60. If RSI can close above 60 there is likely more upside for ASX200 to around 7,015 possibly 7,137.
But if the Index slides back below 6,776 and RSI breaks below its lower rising trendline selling pressure could resume pushing ASX to test key support at 6,633. A close below 6,633 new lows are likely.
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