S&P/ASX 200 Daily (29.06.2014) Technical Analysis

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The ASX 200             Australian Index (S&P/ASX 200) Daily Diagram Technical Analysis Training shows the following:

The ASX200             index has made consolidations into the KUMO cloud last week. Now the resistance line has met the SPAN A of KUMO (green line) and both can be strong resistance or a new support if the trend is going to change. The weekly diagram shows neutral trend.

So the first think in mind is that next days will define the following long term movement (trend). As you can see the ASX200             has made double top on 5535. So the 5535 is a strong long term resistance. MACD is weakening its bullish force and RSI too.

We have no special candlestick pattern. The index is just on the SPAN A of KUMO and there is a breach on the Kijun Sen (blue line). The index is above Tenkan Sen (green line).

There is no special pattern except the double top . The fib from 5525. 44             to 5380.82 (retracement) shows a short reaction at 0.382of fib @ 5470.19 in bearish mode.

So I think that the critical point is on Monday. If the Index get above the KUMO then it will rather retest the 5491 first. But if it decline into KUMO then it will retest 5436 first and then 5380.

Personally I think that in short term KUMO will be the new resistance because of MACD weak bullishness and Tenkan Sen Support (green line).
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