ASX weekly technical analysis for 7 to 11 march 2016
Asx 200 index this week closed with gain. After last week correction, asx resumed recovery rally and closed at week high. On weekly chart, asx index price trend is down but momentum is on recovery side. My given target of 5125 is achieved now next target is 5300 which can be expected in 1 to 2 weeks. Weekly chart indicators are with bullish divergences and suggesting major upside from here. Above 5300, next resistance as well as target zones levels for asx will be 5485. On downside 5125 is now act as daily closing basis support zone.