ASX 200 index December 2016 outlook
ASX index on last trading session closed at 5502. ASX is in uptrend and heading higher with higher lows. For month of December, ASX futures above 5410 remain bullish and buy & accumulate. On upside my technical target zones are 5680 and then 5850. Daily chart price pattern suggesting base building before next bullish move while indicators are overbought but with positive divergence. On downside 5410 is major pivot support for month of December 2016. Weekly closing below this level will falter uptrend and start fresh downtrend for this index. On downside asx monthly support zones are 5235 and 4965 and these are target zones of downtrend starts. From long term view, ASX has taken support around 5400 and heading toward my long term technical target of 5865.