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Head of Fixed Income Strategy
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Technical Update - ASX 200 rejected at resistance. Hang Seng & China 50 continuing down trend
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
ASX 200 formed on the 20th July a Gravestone Doji candle which is an indication of a top and reversal. Not the best top and reversal indicator but nevertheless. Combined with negative RSI as in this case it is fairly reliable.
A sell-off down seems likely. However, there is some support around 7,200 with all daily Moving Averages rising and clustered together. That could mean that the downside potential is limited.
In fact ASX200 could be range bound between 7K and 7,400 for quite some time. For upside momentum a close above the peak of the Gravestone Doji i.e., above 7,384 is needed.
Until that scenario plays out ASX200 is likely to be quite depressed.
An Index close below the 200 Moving Average is likely to fuel a sell-off down to /K
A close above 7,384 there is strong resistnace at around 7,633
Hang Seng Index down trend is continuing and is likely to test support at around 18,050 shortly. A close below could fuel a sell-off down to 17K
Hang Seng is below the Cloud and all Moving Averages, and RSI is negative with no divergence supporting the Bearish picture.
To demolish and potentially reverse that a close above 19,535 is needed.
China A 50 (future) is almost similar to Hang Seng; Below the Cloud, below all Moving Averages and negative RSI.
A test of support at around 12,200 is in the cards. A close below is likely to fuel a sell-off lower to 11,300
To reverse the bearish picture a close above 12,870 is needed.
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