ASX 200 Technical Analysis: Down But Not Out, ASX Can Hang On

ASX 200 TECHNICAL ANALYSIS, TALKING POINTS:

  • The ASX 200 can often look nervous above 6000
  • It hasn’t managed to consolidate a foothold above there for many years now
  • However this latest foray may not fail, at least not yet

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The ASX 200 shows every sign of having topped out once again close to this year’s peaks.

A bold, rapid upward foray by the bulls took the Sydney stock benchmark up from 5686 in early April to 6151 on May 10.

Now this index is wont to be skittish above the 6000 level. Indeed, it hasn’t ever managed to hold above it for more than a few months at a time, and has barely managed even that for more than ten years. Given that well-known history it’s hardly surprising that 6000 should form such a strong psychological barrier.

Now the index seems to be retreating back towards it again, having topped out for the moment at 6152 a couple of weeks back, since when it has been in steady

Article source: https://www.dailyfx.com/forex/technical/home/analysis/aus200/2018/05/22/ASX-200-Technical-Analysis-Down-But-Not-Out-ASX-Can-Hang-On.html