AU200 forming a top?ASX200 - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.
Expect trading to remain mixed and volatile.
We look to Sell at 8500 (stop at 8554)
Our profit targets will be 8366 and 8170
Resistance: 8570 / 8820 / 9000
Support: 8440 / 8350 / 8170
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