Technical analysis

AUS200 Wave Analysis – 22 April, 2022

AUS200 Wave Analysis – 22 April, 2022

• AUS200 index reversed from resistance level 7615.00
• Likely to fall to support level 7430.00

AUS200 index recently reversed down strongly from the long-term resistance level 7615.00 (which has been reversing this index from last August).

The downward reversal from the resistance level 7615.00 created the daily candlesticks reversal pattern Evening Star Doji – which started the active correction (ii).

Given the clear bearish divergence on the daily Stochastic – AUS200 index can be expected to fall further toward the next support level 7430.00 (target for the end of the active correction (ii)).

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