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ASX200 Index Analysis
Time Frame : Weekly Chart
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Watching for buyers to support price
No better time to review the price action on the ASX200 than a big down day!! Is the pullback today the start of something more sinister or just another flush lower to clear out some of the weak hands before having a run on new highs. We can see that the momentum is fading as we run up into highs but we have also seen this action prior to making new all time highs the start of last year. For now, the 6585 area is key to hold to support the bulls. We will see in the follow few sessions whether the market is flushing lows to boot out some of the weak hands prior to a run up or whether there is more downside to come.
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Index : ASX200 Index
Current Price : 6636
Status : On watch for 6580 to hold
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