Will ASX200’s Price Hold Above Yesterday’s Open? | Indices
Today, we look at the ASX200 on the daily chart and whether it will confirm a continuation price pattern that is developing.
Pattern – Continuation HL
Support – 7035
Resistance – 7100
Buyers appear resilient, holding support and forming a bullish bar in today’s session. However, there is a concern regarding the observed fading in the price. If the price fails to maintain levels above yesterday’s open, that adds to the worry.
Additionally, the Moving Average (MA) is pointing upward, indicating positive momentum with a Lower High (LH) and support holding after the breakout of a new leg higher, all signalling buyer support.
We’ll be watching closely for a confirmation bar on Monday, provided we get a trigger bar today.
Good trading.
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