Daily news on ASX 200 Technical Analysis by FxPremiere Group today.
ASX 200 Technical Analysis
Talking Points :
The ASX 200 remains pinned in a very thin range
There’s been a decent amount of volatility within it
A cold winter may be the springs to mind when you think in South Pacific Australia, but its equity index has just hit hard. Northern supremacists should know their summer is Aussie winter, and that the ASX 200 has been stuck 162-point range throughout. The long freeze began from 2017’s highs accelerated back in mid June. The fall through 5811 marked what would become a range top which has endured ever since.
On a daily-closing basis they have contained all the action that neither the base nor the peak of the range has been seriously threatened on a daily close since June.
Well, the ASX is apparently inching; towards coincidental that it should be doing so at a time when North Korea’s nuclear ambitions. Assuming we reach the now customary period of calm Pyongyang’s provocations it seems ok to further think that the ASX base will in fact hold once more.
Admittedly lower high just last week seen reached. It appears to have topped out at 5743 on Friday, below the last significant peak of 5787 hit on August 23rd. But this process also looks as though it might be Korea move in.
Playing the ASX range all winter and liking it, there’s probably no reason to stop. If you’re looking for a compelling reason to go definitively long or short right now, it’s tough to spot one on the charts.
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