AUS200 index Technical Analysis Report 5 March, 2021

• AUS200 index reversed from support area
• Likely to reach resistance level 6855.00

AUS200 index today reversed once again from the support level 6650.00 (low of the previous minor correction 2), standing near the lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse 1 from the end of January. The upward reversal from this support area is currently forming the second consecutive Japanese candlesticks reversal pattern Hammer (first one formed at the end of February).

Given the overriding uptrend that can be seen on the daily AUS200 index charts – the price is likely to rise further toward the next resistance level 6855.00 (top of the previous minor corrective wave (b) from the end of February).

Was this post helpful?