ASX 200 futures hints at another leg higher
Updated
The sharp fall from its record high remains the dominant feature on the daily ASX 200 futures chart. Whilst this is likely to suppress appetite for risk for some time, Tuesday's bullish hammer suggests bears are in need of a break.
The false break of the April low has been followed by a higher low and higher high on the 1-hour chart. Prices are now trying to form another higher low, so dips look appealing for bullish setups down to 7555.
7700 is the next upside target near the 38.2% Fibonacci ratio, although there is also a resistance cluster between 7767 to 7794 which also seems reachable. Whether it can extend such a move really depends on appetite for risk elsewhere.
The false break of the April low has been followed by a higher low and higher high on the 1-hour chart. Prices are now trying to form another higher low, so dips look appealing for bullish setups down to 7555.
7700 is the next upside target near the 38.2% Fibonacci ratio, although there is also a resistance cluster between 7767 to 7794 which also seems reachable. Whether it can extend such a move really depends on appetite for risk elsewhere.
Trade closed: target reached
A nice rally to (and beyond) 7700 - our first target. 
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