Technical Update - ASX 200 turned bearish. More downside likely
Kim Cramer Larsson
Technical Analyst, Saxo Bank
ASX 200 broke bearish out of its rising wedge like pattern and below the key support at 6,961 dropping to the 55 daily SMA. RSI is below 40 indicating lower levels are likely. Next support at around 6,686 and strong support at 6,540.
To reverse this bearish picture ASX 200 needs to close above 7,138.
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