ASX 200, D1

On the D1 chart, the price is rising for the second month in a row and is currently testing the 7444.0 mark (0.0% retracement), consolidating above which will allow quotes to continue growing to the level of 7645.0 (161.8% expansion). Otherwise, a decline may begin to 7283.0 (23.6% retracement) and 7182.0 (38.2% retracement, the central line of Bollinger Bands).

Technical indicators confirm the preservation of the uptrend: Bollinger Bands are reversing upwards, MACD is increasing in the positive zone, but Stochastic is preparing to leave the overbought zone and form a sell signal.

ASX 200, W1

On the W1 chart, the price resumed growth and broke above the level of 7175.0 (61.8% retracement) and the counter downward fan, opening the possibility of continued growth to 7620.0 (100.0% retracement). After a reverse breakdown to the level of 7175.0, the decline will be able to resume to 7030.0 (50.0% retracement) and 6900.0 (38.2% retracement).

Technical indicators don't give a clear signal: Bollinger bands move horizontally after a decline, MACD is growing in the positive zone, Stochastic is horizontal in the overbought zone.

Support and resistance

In the near future, the continuation of price growth with its consolidation above the level of 7444.0 (0.0% retracement, D1) seems more likely. Its target may be the 7645.0 mark (161.8% expansion, D1, 100.0% retracement area, W1). After a breakdown of the level of 7283.0 (23.6% retracement, D1), the decline may resume to 7182.0 (38.2% retracement, the central line of Bollinger Bands, D1) and 7100.0 (50.0% retracement, D1, the central line of Bollinger Bands, W1).

Resistance levels: 7444.0, 7645.0.

Support levels: 7283.0, 7182.0, 7100.0.

Trading tips

Long positions can be opened above 7444.0 with the target at 7645.0 and stop-loss around 7340.0. Implementation period: 5–7 days.

Short positions can be opened below the 7283.0 mark with targets at 7182.0, 7100.0 and stop-loss around