Asx weekly technical report for 14 to 18 November 2016
Asx index this week closed at 5446 with gain. This week we saw high volatility across all global market on US election news. Asx this week closed with weekly gains after last 4 weeks continues sell off.
Asx 200 this week given breakout above 5430 level and now it is in uptrend and with strong recovery momentum which might change into bullish buying. For next week stock future traders can expect 5530 and then 5670 as target zones. On downside 5430 is immediate support and stop loss level. Below 5430 next major support will be 5205.
From medium to long term view, asx above 5400 remain bullish and buy for target 5885.