The ASX200 index closed above key resistance located at 5428 on Friday. This resulted in an upward reversal being generated, an upside break above the May 2016 peak (thereby breaking into a higher trading range), and a decisive break above key resistance that originated in April 2015. All of these technical developments indicate the potential for a further rally to occur. The minimum upside technical buy signal target / major subsequent resistance is located at 5550 - the minimum expectation for a rally. The financials sector, from a technical perspective, is expected to be the key driver of the further market rally. It has emerged as a positive sector technical theme given the concentration of stock buy signals generated in this space over the last week, including two of the major banks.
Angela has 30 years experience in the technical analysis field. Angela joined QMG as a technical analyst in May 2014. Angela was the technical analyst at Bell Potter for 16 years, providing technical analysis coverage to the retail and wholesale...
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