Technical Update - ASX 200 jumps from one resistance level to the next. Can it keep going?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
S&P/ASX 200 has been rejected at resistance at 7,015, testing support at 6,828. A close below is likely to signal that the bear trend is resuming with support at 6,633. A close below 6,776 will confirm bearish trend
If ASX 200 closes above 7,015 a move to 7,137 is likely possibly to 7,286.
RSI has broken above 60 i.e., positive sentiment indicating higher levels. However, RSI has closed below its rising trendline which could indicated the uptrend is weaking and could reverse.
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