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S&P/ASX 200 Daily (07.07.2014) Technical Analysis Training

ASX:XJO   S&P/ASX 200 Index
ASX
100 0 0
asx
The ASX 200             Australian Index (S&P/ASX 200) Daily Diagram Technical Analysis Training shows the following:

The ASX200             index has made a short term bullish development above the KUMO cloud last week. Now the resistance has been broken. The daily diagram shows bullish trend . On the other hand the 5536.70 resistance level has tested 3 times before.

So the first think in mind is that next days the index will show if it can breach the resistance or not. MACD is bullish marginally above the zero line and RSI too.

We have no special candlestick pattern. The index is above the KUMO and above the Kijun Sen (blue line) and Tenkan Sen (green line) too.

There is no special pattern except the triple top. The fib from 5526.97 to 5375.23 shows a consolidation in this area.

So I think that the critical point is the 5526.97 level. If the Index get above it then the Tenkan Sen & Kijun Sen will be above the KUMO and force the bullish trend . Until then maybe we will see a correction towards to KUMO before the uptrend continuance.

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