After record “all time high” for a related Stock Index viz. S&P 500 Stock Index at 3,588.49 on Wednesday 02-Sep-2020, we can observe the same weakness in S&P 500 Stock Index and ASX 200 Stock Index as well.
At the time of writing our blog post on 6th of September 2020, ASX 200 Stock Index is trading at the price level of 5,884.6. This price level of 5,884.6 has closed below the lower support line of the upward trending channel drawn from the swing low of week number 13 from 23-Mar-2020 to 27-Mar-2020. This close for ASX 200 Stock Index can be regarded as its first signal of weakness.
The 2nd signal of weakness for ASX 200 Stock Index is its close below the immediate two resistance lines drawn from the gaps between weekly close of week number 10 from 02-Mar-2020 to 06-Mar-2020 and next weekly open of week number 11 from 09-Mar-2020 to 13-Mar-2020. It is interesting to note that ASX 200 Stock Index for last 14 weeks has got stuck between these two resistance lines.
Based on these two weakness in ASX 200 Stock Index, if price goes below price level of 5,814.1,the possible price objectives can be as below:
However, we need to be extremely careful to observe that if this Market is not going below our level of 5,814.1 or if it is coming back, after doing a “Crack and Snap back”, on the lower support line of the upward trending channel and closing above it and its high is being taken out by price then we will reverse our price targets to the upside which we will post next week.
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