Below is a weekly chart of the ASX 200.
The ASX continues its 4-month long consolidation pattern, developing a right-shoulder like some unbalanced bodybuilder. Price action generally ranging between under 5700 to 5800 during this period. Weekly momentum remains increasingly bearish as it has since early-Q3.
I still think - after all this time - that major TL resistance is going to win this battle. Favouring the current consolidation pattern as distribution over accumulation as outlined below..
The MACD has been bearish since the down-cross formed during mid-Q2. As the histogram continued its negative expansion, momentum got even more bearish, however has started to contract since early-Q3. Therefore, weekly momentum is currently less bearish than it had been previously. The Stochastic has been bearish since the down-cross of the 80.0 line during late-Q2. It has continued its bearish descent forming lower-high's along the way. It recently up-crossed a negative tangent line, a small win for the bulls unless it can quickly down-cross again shortly and establishes some bearish separation.
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Last
8,214.5 |
Change
-8.500(0.10%) |
Mkt cap ! n/a |
Open | High | Low |
8,223.0 | 8,228.3 | 8,200.0 |
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