ASX 200 Technical Analysis: Resistance Holds, More Falls Likely

ASX 200 Technical Analysis Talking Points:

  • The latest mini-rally seems to be fading
  • The index has suffered from a degree of indecision in the past week
  • A bit of weakness seems probable now

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The ASX 200 currently presents investors with a rather busy technical chart, as you can see.

ASX 200 Technical Analysis: Resistance Holds, More Falls Likely

We’ll need to get in a bit closer to see what’s really going on, but keep the big picture above in mind as we do.

Essentially the Australian stock benchmark appears to be running out of steam before it has conclusively cracked a key resistance level. That comes in at 6206.1 and represents the first, 23.6% Fibonacci retracement of the climb up from the lows of late March to the peaks of mid-August.

ASX bulls need to reclaim that if they are going to go on to try and claw back the steep falls which took place in early September.

ASX 200 Technical Analysis: Resistance Holds, More Falls LikelyArticle source: https://www.dailyfx.com/forex/technical/home/analysis/aus200/2018/09/25/ASX-200-Technical-Analysis-Resistance-Holds-More-Falls-Likely.html