ASX 200 Technical Analysis: Can Support Hold Into Month End?

ASX 200 Technical Analysis Talking Points:

  • The ASX 200 has printed a new 2018 low over the past week
  • The important 6000 level has fallen even further out of sight
  • Still, key lows are holding, just

Get live, interactive coverage of all major Australian economic data at the DailyFX Webinars

Sharing the pain of October’s risk aversion with many other stock indexes, the ASX 200 has shed nearly 9% in October and printed new lows for 2018 in the process, and the bears still appear to be in control.

Last Friday’s intraday base of 5610 was that new low, just under the previous one- printed on April 2. Perhaps most significantly the index has slipped sharply below the key 6000 level, after its longest foray above that psychologically important point for more than ten years.

Regaining that point looks like a huge ask for the bulls in the short or even medium terms, with focus still squarely on the downside. The index’s sharp falls have halted so far above a cluster of support whose fate is likely to be key to near-term direction.

The first of these comes in at 5610.9. That was

Article source: https://www.dailyfx.com/forex/technical/home/analysis/aus200/2018/10/30/ASX-200-Technical-Analysis-Can-Support-Hold-Into-Month-End.html