ASX 200 Technical Analysis: Charts Say Oct’s Close Could Be Key

ASX 200 Technical Analysis Talking Points:

  • October has been a tough time for global stocks
  • But the ASX has seen an especially sharp fall
  • Bulls need to regain 6,000 soon

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The ASX 200’s fate could be very closely bound to how it manages to close out this month.

The index has already had a tumultuous October. The start of the month saw it fall below the psychologically crucial 6000 level for the first time since early June. Its four-month sojourn above that point this year is the longest it has managed since the ten-month period it chalked up between March 2007 and June 2008. Should it be unable to regain

While much of the current retreat seems down to global risk aversion rather than anything specific wrong with Australia’s economy or stock market that can be of little comfort to the bulls. Trade war worries and concerns about the effects of rising US interest rates may be sinking all boats and present, but the ASX is having an especially torrid time.

For the moment,

Article source: https://www.dailyfx.com/forex/technical/home/analysis/aus200/2018/10/22/ASX-200-Technical-Analysis-Charts-Say-Octs-Close-Could-Be-Key.html