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S&P/ASX 200 Index

The #steepening continues

By ncorreia
Some thoughts on the S&P/ASX200 (XJO) for any Aussies out there. Looking at the daily chart. 1) Price and RSI trends seem to be intact currently (would take a big fall to break today). 2) MACD working on but has not confirmed a bearish divergence 3) Willy overbought 4) We are about 5% away from the 200sma. I recon this will act like a magnet to pull the XJO higher, but then once we reach it, I recon we'll see some resistance. Could that then turn to support? Only time will tell.


200maasx200Bullish PatternsMoving Average Convergence / Divergence (MACD)Moving AveragesRelative Strength Index (RSI)steepeningSupport and ResistancetrendTrend LinesS&P/ASX 200
ncorreia
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