ASX 200 Index - Short to medium term price chart analysis.
My views and price target for Aus 200 Index remain the same as per my last analysis on May 5th. www.tradingview...nical-analysis/?fbclid=IwA...
The Index reached my second target at 5480.0 and retreated to the first target before heading back up on Friday's session, closing at 5404.80. The short to the medium-term trend is still bullish as long as it remains within the uptrend price channel, as indicated on the 30 minutes price chart.
A new price pattern that appeared on the US major Indices is duplicated on this chart, which is the longterm price channel supporting the price action, This could act as a strong support base for future price movements. However, if prices fall below the longterm price channel, we could properly see the Index head south.
The critical price points to keep an eye in next week's session are estimated at the following area:
Support - 5380.0, 5305.0, and 5164.0
Resistance - 5484.0, 5617.0, and 5698.0
My views and price target for Aus 200 Index remain the same as per my last analysis on May 5th. www.tradingview...nical-analysis/?fbclid=IwA...
The Index reached my second target at 5480.0 and retreated to the first target before heading back up on Friday's session, closing at 5404.80. The short to the medium-term trend is still bullish as long as it remains within the uptrend price channel, as indicated on the 30 minutes price chart.
A new price pattern that appeared on the US major Indices is duplicated on this chart, which is the longterm price channel supporting the price action, This could act as a strong support base for future price movements. However, if prices fall below the longterm price channel, we could properly see the Index head south.
The critical price points to keep an eye in next week's session are estimated at the following area:
Support - 5380.0, 5305.0, and 5164.0
Resistance - 5484.0, 5617.0, and 5698.0