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ASX 200 Technical Analysis: Gains Capped Below 5,300

ASX 200 Technical Analysis: Gains Capped Below 5,300

Oded Shimoni, Junior Currency Analyst

Talking Points:

- ASX 200 plunged after failing to hold above the 5,380 level

- Index found support around 5,200 and formed a bullish reversal pattern

- Gains capped below 5,300 at this point in time

Learn good trading habits with the “Traits of successful traders” series

The ASX 200 is edging higher today, but having difficulties trading above 5,300 at this time.

The index was trading in a well-defined range between the 5,380 resistance and the 4,750 support until July saw a breakout higher. The failure to hold above 5,380 meant a return to trading in that range.

After forming what might be perceived as a bullish morning star pattern around the 5,200 support, bulls hopes might have been rekindled, but at the moment it seems like the index is having difficulties posting a close above 5,300.

A break above 5,300 seems likely to have eyes on 5,380-5,400 for potential resistance, but as long as that area holds, pressure seems to be to the downside.

A move lower might shift focus to 5,200 for possible support while the low around 5,100 seems important after the index recovered from that area following Brexit.

ASX 200 Daily Chart: September 20, 2016

ASX 200 Technical Analysis: Gains Capped Below 5,300

--- Written by Oded Shimoni, Junior Currency Analyst for DailyFX.com

To contact Oded Shimoni, e-mail oshimoni@dailyfx.com

Follow him on Twitter at @OdedShimoni

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

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