• AUS200 forming daily Hammer
• Likely to rise to resistance level 6800.00
AUS200 index today reversed up from the support area located between the pivotal support level 6580.00 (which has been reversing the price from the start of December), lower daily Bollinger Band, 50-day moving average and the 50% Fibonacci retracement of the previous sharp upward impulse from November. The upward reversal from the support level 6580.00 is likely to form the daily Hammer – if the index closes today near the current levels.
Given the prevailing daily uptrend – AUS200 is expected to rise further toward the next resistance level 6800.00 (top of the previous minor medium-term impulse wave (C) from last October) – from where the price is likely to correct down.
