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XJO aka ASX200 closing with a bearish signal πŸš¨πŸ‘ΉπŸ‘ΏπŸš¨

ASX:XJO   S&P/ASX 200 Index
ASX200 closes the week below the uptrend line. Is this going to be the end of the bull market as we know it and be the the start of a long waited bear market? Lets dig deep and analyze.

XJO aka ASX200 has been struggling for the last few days to maintain the upward momentum. However, the chart shows a weak and tired bullish actions. But what are the indicators saying? Lets compare bulls and bears case.

Bulls:
Daily and weekly Momentum positives
Price above 50MA

Bears:
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 bullish 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 pennant 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.


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