ASX 200 Technical Analysis: Chart Range Holds But Base Beckons

ASX 200 Technical Analysis Talking Points:

  • The Australian stock benchmark has yet to make back its sharp falls of late August
  • Key support has kept the bears in check since
  • But they may be gearing up for another try at it

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

The ASX 200 has yet to make up the sharp falls from ten-year highs which dogged it in early September.

However, bulls can perhaps take heart from the fact that key support has so far held, and that the index remains really quite close to those peaks.

The ASX was thus stuck in a broad range for most of September, unable to reclaim its highs but unwilling to go much lower either. That trend has continued into October and will endure for as long as 6203.6 limits the upside on a daily closing basis and 6152.6 restrains the bears.

ASX 200 Technical Analysis: Chart Range Holds But Base Beckons

Within that range, there have been plenty of days in which the daily range has dwarfed the smaller gap between the

Article source: https://www.dailyfx.com/forex/technical/home/analysis/aus200/2018/10/02/ASX-200-Technical-Analysis-Chart-Range-Holds-But-Base-Beckons.html