Technicals - ASX200 index - major resistance barrier located at 5996
QMG Pty Ltd
The ASX200 index is rated as a technical hold. Currently there is no sign of a (new) technical top formation emerging. Major resistance is located at 5996, which was the April 2015 peak, and as highlighted on chart below, looms as a major technical barrier (within the broad long-term trend channel). It is also worth noting on a momentum / RSI basis that the index is approaching the same overbought level that occurred in early 2015.
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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.