ASX 200 Consolidates near Previous Support Level
- Strategy: Stay put during this consolidation period
- Mixed momentum indicates no new direction before next week
- A firm support level comes at 4824
The ASX 200 is consolidating near a previous support level at 4918.4. Momentum lackluster indicates that this situation may carry onto next week. A firm support level comes at 4918.4 and it is unlikely to be challenged any time soon.
Traders who look to take profit on their short trades may consider to do so at current trading levels, unless momentum signals turn downward again today or early next week. There is little hint of any future direction so those who look for opportunities to enter new trades may stay put for now.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Nathalie Huynh, Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.