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ASX 200 – Holding Near Resistance, Possible False Break Setup | May 12
ASX 200 – Trying to Stabilize Near Resistance (4hr chart)
Earlier this week we talked about the ASX 200 and it’s attempt to break out of a several quarter corrective structure and balancing zone. There was an initial thrust higher to clear the resistance around 5420 but it failed to hold.
Instead of forming a false break setup, the index has held near the resistance level forming a tighter corrective structure under here. This is indicative of the bulls wanting to make a 2nd attempt while eating up the offers thrown their way.
For now we have a ST range between 5330 and 5420. A break and close above will likely create a RRL setup while a break below would solidify further the false break idea so plays on both sides here.
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