ASX 200 Technical Analysis: Long-Term Chart Uptrend In Trouble

ASX 200 Technical Analysis Talking Points:

  • The ASX has edged back into a long-term uptrend channel
  • However the bulls have plenty of work to do
  • The last key high remains elusive and will have to be recaptured

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The ASX 200 remains within the short uptrend that has been in place since late October.

However, this break higher has not yet managed to put the Sydney stock benchmark conclusively back into the broader, daily chart which had previously held strong since late 2016, only to give way in September of this year.

ASX 200 Technical Analysis: Long-Term Chart Uptrend In Trouble

The next few sessions could therefore be most interesting from the point of view of likely direction into year-end. The bulls’ first order of business must be to top the previous, short-term significant peak. That comes in at 5972.7, the intraday peak of October 19. It is not far above current market levels but it remains elusive on a daily closing basis and the bulls need to recapture it.

Article source: https://www.dailyfx.com/forex/technical/home/analysis/aus200/2018/11/12/ASX-200-Technical-Analysis-Long-Term-Chart-Uptrend-In-Trouble.html