Technical Update - ASX 200
Kim Cramer Larsson
Technical Analyst, Saxo Bank
ASX200 bounced off a few points above 0.618 Fibonacci retracement at 7,22 and more importantly above key resistance at 7,356.
Friday it closed previous support now minor resistance at around 7,437. If ASX closes above the very short term 0.618 retracement at 7,475 the Index is very likely to test previous highs.
If dropping back below 7,356 selling pressure will likely resume .
Medium term the uptrend is still intact. Needs to close below 7,233 to reverse. However, RSI seems to struggle to get back above 60 threshold which is a sign of some weakness. To confirm uptrend RSI needs to close above 60 threshold.
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Outrageous Predictions 2023: The War Economy
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A country agrees to ban all meat production by 2030In an effort to become one of the global leaders on the path to net-zero emissions, one country decides to not only put a heavy tax on meat, but to ban domestic production entirely.
UK holds UnBrexit referendumFollowing a recession and domestic pressure, the United Kingdom is thrown into political turmoil that will end with a vote to wind back Brexit.
Widespread price controls are introduced to cap official inflationHistory tells us that with the war economy comes rationing and price controls. And this time is no different, as policymakers introduce strict price controls that lead to a range of unintended consequences.
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