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CFD Update ASX200: Can Buyers Hit a Breakout?

October 25, 2022
by Joseph Jeffriess, Market Analyst

Hi, and welcome to Tuesday’s update. Today we’re focusing on the ASX200 daily chart as price continues to be held in a consolidation pattern, with 6820 as the current resistance roof. We have also run over the recent sell-off on the HK50

We are still leaning toward a continuation higher. Buyers will need to break out of the ascending triangle pattern to get the trend back on track after a two-rally price continues to be held back by 6800 – 6820 resistance that has been in place since the 4th of this month.

A new short-term drop lower is not too much of a worry as long as we see a new higher low form above 6750, followed up by a new move that retests resistance and hopefully breaks it. This should continue to show us that buyers hold short-term momentum.

A new LH or a break and close below 6730 could be a worry that seller strength is more robust than first thought.

ASX200 Video analysis 

 

 

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