The ASX200 is searching for support for continuation of the weekly trend up

Index Review

 

XJO – ASX200 Index

The XJO has has caught a lot of bulls off guard the last few days as it searches for support around the 6000 zone. We are watching closely for the longer term weekly trend to hold up and for buyers to defend the 6000/6050 area. Only time will tell but there is no rush as we still see a lot of global headwinds. The daily charts will be the first port of call as we look for evidence that buyers will start to slow the decent. Also of note, the 6040 area is around 50% retracement off the highs from the run up which began the start of April from 5725.

 

Index Code : XJO – ASX200 Index

Current Price : 6044.5