XJO aka ASX200 has been struggling for the last few days to maintain the upward momentum. However, the chart shows a weak and tired actions. But what are the indicators saying? Lets compare bulls and bears case.
Daily and weekly Momentum positives
Price above 50MA
Price below 200MA
Price below historic resistance at 5960
Price below the uptrend line
QLSMA pointing down
Price below Golden fib
To me bears are back in action. In order to keep the sentiment, bulls need to take back the lost uptrend line and push quickly towards the 0.618 fib. This will make the recent days price actions like a and the upward move can lead to higher price towards the 7k.
I will keep an eye on this index for you so that you do not miss any single price action.
Stay safe and have a great weekend. Dont miss my stock of the week episode in Sunday. And keep smashing the likes.