ASX200 set to resume its battle with weekly trendline resistance
The ASX200 finished +38 pts (0.47%) higher yesterday at 8252. The push above 8250 significantly reduced the chances of a potential head-and-shoulders topping pattern and following gains on Wall Street overnight, the ASX200 is set to resume its battle with multi-week trend channel resistance, which currently resides in the 8300/10 area.
A sustained break above 8300/10 would set the ASX200 up for a run towards 8450 into year-end. Conversely, a failure to see a sustained close above 8300/10 combined with a fall through support at 8110/00 would warn that a deeper pullback is underway.
ASX futures closed 37 points (0.45%) higher this morning at 8321, which points towards the ASX200 opening at ~8290.
A sustained break above 8300/10 would set the ASX200 up for a run towards 8450 into year-end. Conversely, a failure to see a sustained close above 8300/10 combined with a fall through support at 8110/00 would warn that a deeper pullback is underway.
ASX futures closed 37 points (0.45%) higher this morning at 8321, which points towards the ASX200 opening at ~8290.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.