Thursday, 18 February 2016

ASX 200 rallies from test of up trend line drawn from 2009 and 2011 lows

Monthly chart shows the ASX 200 rallying from support at the up trend line drawn from the lows of 2009 and 2011. I still consider the move from the 2009 low to be an upwards correction, that will at some point be fully retraced by a plunge to below the 2009 low. But in the short term, especially while the market remains above that trend line, I will respect its ability to rally. Charts include all sessions trade.

Daily chart next. A bit scrappy but the down trend channel remains a useful edge. Currently the market is arguably range bound, testing toward the upper end of the range.

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