ASX 200 Share Market Index is now at a Resistance. This blog post will discuss where price of ASX 200 Share Market Index can go from this level in coming weeks. As we noticed before in our blog post dated 04.06.2019 that all the Share Markets are in correction mode.
ASX 200 Share Market Index reached its previous high of 6,851.5 on 01.11.2007 just before the infamous GFC. It took a very long 12 years for ASX 200 Share Market Index to reach that level of 6,851.5 again. It did so on 29.07.2019 when it did close above that level. The close on 29.07.2019 for ASX 200 Share Market Index was 6,869.6. Selling started at that resistance level of 6,851.5. This price level for ASX 200 Share Market Index also formed a double top. With the effect of double top as a potential for selling the ASX 200 Share Market Index it closed below that resistance level on next day i.e. 30.07.2019 at 6,831.6.
Selling is still continuing for ASX 200 Share Market Index from the resistance level of double top and now at the time of writing this blog post the price of ASX 200 Share Market Index is 6,650 as shown below in the weekly chart. From the candlestick formation point of view for ASX 200 Share Market Index it is indeed forming a “Evening Star” and that too at a resistance level which can be very effective if the low of the current weekly bar is taken out by 20 pips by the next week’s price bar.
The immediate targets from the sell off level from technical point of view can be as below:
1. 6,291.3 then
2. 6,107.5 then
3. 5,923.7 then
4. 5,662.1 and then
5. 5,328.8
Time will tell whether our technical analysis is correct to a great extent or not. Till that time, let us enjoy the selling of ASX 200 Share Market Index.
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