ASX 200 Technical Analysis: Range Break Puts 6,000 In Bulls’ Sights

Talking Points:

  • ASX 200 bulls are attempting to consign its recent trading range to history
  • They’ve had limited success so far but are trying
  • If they can crack it, then 6,000 will loom, but that is not a comfortable height for this index

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The ASX 200 is flirting with a break of its previous range top but has yet to prove conclusively that it can thrive above that point.

The top comes in at 5851.1, which had previously capped trade since March 22. The index has been above it for a couple of trading days now, but only just. It is already testing the base of a nascent uptrend channel from April 2. That now comes in at 5823.4 and it is tempting to suggest that that level, at least, is going to have to hold if the bulls aren’t to seem exhausted.

ASX 200 Technical Analysis: Range Break Puts 6,000 In Bulls' Sights

If they can consolidate above that line then a push back

Article source: https://www.dailyfx.com/forex/technical/home/analysis/aus200/2018/04/16/ASX-200-Technical-Analysis-Range-Break-Puts-6000-In-Bulls-Sights.html?DFXfeeds=forex:technical:home:analysis:aus200