Technical Analyst, Saxo Bank
ASX 200 has found support just above the 6,700-mark bouncing towards resistance at 6,962. A resistance that could prove too strong to break and ASX is likely to resume its down trend. The 100 SMA is coming down providing some resistance but the 55 SMA is rising providing support. We could see ASX being range bound between 6,700 and 6,962 for the next few days maybe 1-2 weeks before a break of the band.
If closing above 6,962 a move to around 7,100 is likely. A close below 6,719 bear trend will resume and this was merely just a correction.
The weekly chart supports the bearish outlook. Two weeks ago, ASX formed a Hanging Man candle followed by heavy sell off. The fact that ASX couldn’t even test the 0.618 retracement at 7,110 before sellers took back control is a sign of weakness.
If weekly RSI closes below 40 selling the bearish trend could pick up pace.
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