Selling pressure continues to make life tough for the bulls

Index Analysis ASX200

 

Stock Index – ASX200

The ASX200 bulls are having a tough time getting price back on the move higher. With price getting a bit over extended and buying opportunities harder to find, it is a good time to take a look at what we can expect form the ASX200. We still see the longer term weekly charts as positive but the daily is still in corrective mode. Price has popped up off 5964 lows but is now extended as selling pressure and supply comes into the market. We are now watching for a second leg lower to either hold up above 5964 or lower off 5900/5920.

 

Index : Stock Index – ASX200

Current Price : 6030.5

Status : On watch for further selling pressure