ASX200 tries its hand at the upside again
The ASX200 finished 23 points (0.28%) higher yesterday at 8417 giving back a good chunk of gains as the 3pm seller that we saw last Tuesday returned.
Nonetheless, yesterdays close above multi-week trend channel resistance, currently at 8400ish was a positive development. Provided the ASX200 can sustain the move above 8400 over the next 48 hours, it will be considered a genuine break higher, opening up a move towards 8600.
Aware that a close back below 8400 warns we have seen yet another false break higher.
Nonetheless, yesterdays close above multi-week trend channel resistance, currently at 8400ish was a positive development. Provided the ASX200 can sustain the move above 8400 over the next 48 hours, it will be considered a genuine break higher, opening up a move towards 8600.
Aware that a close back below 8400 warns we have seen yet another false break higher.
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