ASX200: Thoughts and Analysis
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 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 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.
Have a great day and good trading.
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 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 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.
Have a great day and good trading.
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