Sunday, 23 June 2013

ASX 200 bearish trend line break indicates move above 5000 was false, a fake out, a bull trap

To my eye, last week's ASX 200 bearish trend line break indicates the move above 5000 was false, a fake out, a bull trap. The chart below includes after hours trade, which closed the week at 4687, well below Friday's ASX closing level of 4739. The nearest potential support zone looks to be around the 4500 level.