Technical Update - ASX 200 uptrend on pause. Can it get a second wind?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
S&P ASX 200 is bouncing around 7,138 Support/Resistance. There is potential up to resistance at 7,287 in what could be an exhaustive move.
However, if ASX200 manage to close above 7,287 the medium-term trend has reverse to an uptrend with 7,600-7,700 in sight. With RSI above 60 and no divergence there is indication that ASX could move to 7,287
If ASX slides back below 7K bear trend is likely to resume with support at around 6,828.
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