Technical Update - ASX 200 Correction time but not for long
Kim Cramer Larsson
Technical Analyst, Saxo Bank
ASX 200 seems to be without clear direction. It needs to close above 6,764 for further upside to strong resistance at around 6,930 or close below 6,539 for bear trend to resume.
RSI showing no divergence indicating downside is the most likely scenario
The weekly chart shows ASX 200 bounced from 0.382 retracement at around 6,400. The downtrend is still down however, and RSI is negative and if rejected at the upper falling trend line it is indication that down trend will resume.
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