The ASX 200 Australian Index (S&P/ASX 200) Daily Diagram Technical Analysis Training shows the following:
The ASX200 index has made a bullish reaction exactly above the KUMO cloud last week. This is a new effort for uptrend between 5374 and 5523 that index consolidates from April 2014 until now. The daily diagram shows bullish trend. On the other hand the 5536.70 resistance level has tested 3 times before so maybe now it will test for 4th time.
So the first think in mind is that next days the index will show if it can breach the resistance or not. MACD is bullish above the zero line and RSI too.
We have no special candlestick pattern. The index is above the KUMO and above the Kijun Sen (blue line) and Tenkan Sen (green line) too.
There is no special pattern except the triple top. The fib from 5526.97 to 5375.23 shows a consolidation in this area.
So I think that the critical point is the 5526.97 level. If the Index get above it then the Tenkan Sen & Kijun Sen will be above the KUMO and force the bullish trend. Long on the case that index is above the support line.
The ASX200 index has made a bullish reaction exactly above the KUMO cloud last week. This is a new effort for uptrend between 5374 and 5523 that index consolidates from April 2014 until now. The daily diagram shows bullish trend. On the other hand the 5536.70 resistance level has tested 3 times before so maybe now it will test for 4th time.
So the first think in mind is that next days the index will show if it can breach the resistance or not. MACD is bullish above the zero line and RSI too.
We have no special candlestick pattern. The index is above the KUMO and above the Kijun Sen (blue line) and Tenkan Sen (green line) too.
There is no special pattern except the triple top. The fib from 5526.97 to 5375.23 shows a consolidation in this area.
So I think that the critical point is the 5526.97 level. If the Index get above it then the Tenkan Sen & Kijun Sen will be above the KUMO and force the bullish trend. Long on the case that index is above the support line.
