ASX200 - Still early days watching for a head and shoulders top
ASX200 It's still early days, but worth flagging to keen followers of the Australian Stock Market.
This morning, the ASX200 surged to a high of 8238.2, falling just short of the September 20th high of 8246.2 and the September 30th record high of 8285.70.
If the ASX200 were to now fall away from the 8250 resistance area, it's possible that it is tracing out the right shoulder of a conventional head-and-shoulders topping pattern.
In this instance, a sustained break below the neckline at 8105ish would confirm a head-and-shoulders top and project a decline towards support at 7920/00.
This morning, the ASX200 surged to a high of 8238.2, falling just short of the September 20th high of 8246.2 and the September 30th record high of 8285.70.
If the ASX200 were to now fall away from the 8250 resistance area, it's possible that it is tracing out the right shoulder of a conventional head-and-shoulders topping pattern.
In this instance, a sustained break below the neckline at 8105ish would confirm a head-and-shoulders top and project a decline towards support at 7920/00.
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