Technicals - ASX200 INDEX (5429) - technical buy signal target located@ 5550

Angela Mangan

QMG Pty Ltd

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.

1 topic

Angela Mangan
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.


I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.


Sign In or Join Free to comment