Technicals - ASX200 index - renewed sell off phase underway / no sign of turnaround
My recent wire from earlier in the week highlighted the risk and expectation for a renewed sell off by the ASX200 index, which is now underway. The ASX200 index technicals have been negative since the technical sell signal was generated as a result of the 14/6/16 close below the 5300 support level (with the 5075 target subsequently reached). There is no sign of the re- emergence of large cap stock (new) buy signals, which will be the first early indicator of a turnaround in broad market momentum, and will lead any change in the index technicals. As the situation currently stands, there is no potential in the near-term for a sustained market turnaround.
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.