The ASX200 is within striking distance of all time highs

Time Frame : Daily/Weekly

ASX200 Index

The ASX200 has been slowly grinding its way to the all time highs since the beginning of the year. Price is now within striking distance of making new highs so we expect to see a charge up through 6700 and a push through new highs at 6851.5. Price has spent the previous few days consoldating above 6600 and a solid close above 6670 may bring the bullish move we are waiting for. The next question will be is whether or not the market will keep rallying or fallback below 6850 to consolidate. Bears are still believing in a major correction but all signs point to highs. We can only trade what we see and adjust positions when we have further data available. Until, then we still hold a long bias on higher probability setups with positive momentum.

Index : ASX200

Current Price : 6668

Status : On watch for further buying pressure