ASX 200 – Potential Breakout Formation | Mar 16

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ASX 200 – Potential Breakout Formation (daily chart)
For the 3rd time this year, the ASX 200 is approaching a key resistance level around 5825, which it hasn’t cleared on a daily closing basis for almost 2 years.

The current price action structure is building into a potential breakout formation with each pullback getting shorter, communicating the bulls are taking over.

If this formation plays out, and we get a daily close above 5825, then I’ll be looking to get long for an RRL setup. Upside there is a long term target around 6000 which is a multi-year high.

Meanwhile if the bears manage to push back against the bulls successfully, then the first stopping point IMO would be around 5700, then 5600.

asx 200 breakout formation 2ndskiesforex

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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