Technicals - ASX200 index - potential for a sell signal to be generated - 5500 is key level to watch
The ASX200 index previously generated a technical buy signal at 5429 on 15/7/16 and subsequently reached the nominated upside technical target located at 5550 on 27/7/16 as detailed in a previous Wire.(VIEW LINK) The potential has now emerged for a technical top formation / sell signal to be generated by the ASX200 index. A close below 5500 is required to generate a technical sell signal which in that scenario would target a pullback to 5300.
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.