ASX200 Basing - Are We Getting Ready for a Breakout?
- ASX 200 has not recovered as fast as the US Market but enjoyed strong gains today +1.6%.
- Technically we have retraced to the 32% Fib level from our 52w Highs. We want to see a breakout from this level and a push past the 50% level.
- From a Health perspective Australia has flattened the Covid19 curve but some of the biggest contributors to the ASX 200 such as the banks have reported bad losses this week. Overall we are bullish on this market over the longer term and want to see this basing pattern play out.
- Technically we have retraced to the 32% Fib level from our 52w Highs. We want to see a breakout from this level and a push past the 50% level.
- From a Health perspective Australia has flattened the Covid19 curve but some of the biggest contributors to the ASX 200 such as the banks have reported bad losses this week. Overall we are bullish on this market over the longer term and want to see this basing pattern play out.
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