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ASX 200 Technical Analysis: Trading Between Clear Levels

ASX 200 Technical Analysis: Trading Between Clear Levels

2016-10-25 08:14:00
Oded Shimoni, Junior Currency Analyst
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Talking Points:

- ASX 200 finding support at the key 5,380 level

- 5,500 acting as resistance in the short term

- Break to either side may determine short term direction

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The ASX 200 rally came to a pause after the index hit resistance at the 5,500 level we mentioned in the last couple of months.

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, followed by a sharp decline back inside that range.

The index blasted to the upside again after forming a bullish “Morning Star” pattern around the 5,200 support, but the 5,500 level proved its merit as resistance and the index retraced to find support at the 5,380 level once more.

A hold above 5,380 still appears to put the bulls in control, but a move above 5,500 might be required for any real conviction and continuation in the short term.

On the other hand, a move below 5,380 may be interpreted as a bearish development and could shift focus to 5,300 for potential support.

ASX 200 Daily Chart: October 25, 2016

ASX 200 Technical Analysis: Trading Between Clear Levels

--- 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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