Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
ASX 200 Technical Analysis: 6th Attempt to Test Firm Resistance

ASX 200 Technical Analysis: 6th Attempt to Test Firm Resistance

Nathalie Huynh,

Talking Points:

  • ASX200 Strategy: Range trades prevail given strong resistance/support levels
  • Tight resistance ahead: 5,305 multi-top since August, 50% Fibonacci at 5,391.5
  • Upward momentum may transform into a consolidation at repeated failures

The ASX200 is testing a firm resistance level at 5,305 for the 6th time since August. Clear upward momentum warrants repeated attempts in future, should it fail again this time. The index remains largely range-bound with firm resistance and support levels to guide short-term trading.

First capped daily prices on August 27 & 28, this firm resistance has thwarted four more attempts to break it on October 9, October 16, November 4, November 20 & 23. The closest the ASX 200 has come to a clean breach of resistance is November 4 with a brief jump above it.

Consolidation may emerge under this resistance level if it is not broken soon. Range traders should be mindful of both this level and the 50% Fibonacci at 5,391.5 above it, for possible signs of a reversal. A strong upward bias in momentum signals effectively rule out any lower extensions in the near term.

Losing Money Trading Forex? This Might Be Why.

ASX 200 Technical Analysis: 6th Attempt to Test Firm Resistance

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES