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Technical Technical Technical

Technical Update - ASX 200. Bear trend resumes

Equity 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

The mood turned sour in Australian Equities when ASX 200 broke bearish out of short term rising channel. 
RSI is still negative with no divergence indicating we are likely to see a re-test of May lows. It will be a struggle to reverse that trend with strong resistance at around 7,367.

The ASX Future/AUS200 cfd has bounced somewhat on back of positive session in US Tuesday but that does not change the bearish picture.   

Source: Saxo Group
Source: Saxo Group

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