ASX 200 – Potential Breakout Formation | Mar 16
My Current Active Open Positions: AUDUSD, AUDNZD, USDRUB, XAUTHB
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.
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