Technical Update - ASX 200 resumes bear trend. Could take out key support
Kim Cramer Larsson
Technical Analyst, Saxo Bank
ASX 200 seems to have resumed down trend after a 0.382 correction. The leading Australian index is set for a test of June lows at 6,407. With no divergence on RSI it is there is strong indication the June low will be taken out.
If that scenario plays out there is not strong support before around 6,200.
For this bearish scenario to be reversed a close above 6,764 is needed.
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