ASX200 Back To Test The 7000 Level? | Indices
Today’s focus: ASX200
Pattern – Support/ Regular Divergence
Support – 6885
Resistance – 7000 – 7070
Thanks for checking out today’s update. Today, we have run over ASX200, breaking down the overall price picture, levels, and patterns and incorporating the Moving Average and RSI into the analysis.
Interest today starts from the support hold we are watching from 6885. This lines up with the bottom of the overall range. We can also see regular divergence forming with price holding at this support point. This could set off a new rally that could get back up to test 7000.
If this level of support breaks and the price closes below, this could break the range and set off a new overall downtrend. Are stocks a bit oversold at this point? Keep in mind we have US employment data due out this Friday.
https://www.tradingview.com/chart/ASX200/XiR1eUGW-ASX200-Thoughts-and-Analysis/
Have a great day and good trading.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.