ASX200 index - key technical level to watch located @5453

Angela Mangan

QMG Pty Ltd

The ASX200 index originally generated a technical sell signal at 5833 on 20/4/15. The rally over recent days did not result in the index technicals turning positive. If an upward reversal / base forming is to occur a consolidation phase will be required above the 10/6/15 intra-day low @ 5453. A key part of technical base forming is the requirement for a secondary sell off to occur after the initial rally (but during this secondary pullback phase in relation to the ASX200 index it must not revisit the 5453 level). The ratio of stock sell signals versus buy signals generated currently remains heavily weighted on the sell side, which remains a negative market momentum indicator - 75 stock sell signals have been generated since 30/3/15 compared to 27 buy signals during the same period. The first indicator of a broad, sustainable turnaround in the market being underway would be a notable increase in large cap stock technical buy signals being generated, which is not occurring at the moment.

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Angela Mangan
Technical Analyst
QMG Pty Ltd

Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.


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