RooTrades
Long

Short Term potential bounce on ASX200

ASX:XJO   S&P/ASX 200
56 0 0
Continued weakness in the ASX200             after reaching high of 5,980 level. Support being seen at the 5,433 level + RSI divergence. Given the weak economic backdrop, I see this more as a potential bounce which could reach 5,688.

Target Entry 5,433, SL @ 5,380, TP @ 5,648.

Reasons:
- RSI Divergence
- Potential Wedge completion
- Favorable risk/reward ratio
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