Technical Update - ASX 200
Kim Cramer Larsson
Technical Analyst, Saxo Bank
ASX200 bounced off a few points above 0.618 Fibonacci retracement at 7,22 and more importantly above key resistance at 7,356.
Friday it closed previous support now minor resistance at around 7,437. If ASX closes above the very short term 0.618 retracement at 7,475 the Index is very likely to test previous highs.
If dropping back below 7,356 selling pressure will likely resume .
Medium term the uptrend is still intact. Needs to close below 7,233 to reverse. However, RSI seems to struggle to get back above 60 threshold which is a sign of some weakness. To confirm uptrend RSI needs to close above 60 threshold.
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