Sunday, 1 May 2016

ASX 200 stuck in tight range between key trend line support and resistance

Daily chart shows the ASX 200 stuck in a tight range between trend line support and resistance, at the top of a broader range that has contained action since August last year. It's unlikely to remain stuck in the tight range for much longer, with 3 of the big 4 banks reporting results in the coming week. Trade the broader range until the market breaks from it, I think, which right now means look lower. Charts include all sessions trade.

4 hour chart