Aurum Markets Blog Technical Analysis Should we expect a bearish trend on ASX 225?

Should we expect a bearish trend on ASX 225?

Should we expect a bearish trend on ASX 225? post thumbnail image

ASX 225 has broken through a support line of a Rising Wedge and suggests a possible movement to 7907.8306 within the next 17 hours. It has tested this line in the past, so one should probably wait for a confirmation of this breakout before taking action. If the breakout doesn’t confirm, we could see a retracement back to lines seen in the last 7 days.

Supported by RSI above 60

Target: 7907.8306 Entry: 7969.2111 Stop: 7987.8

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