Financial data analysis graph showing stock market trends on a trading board. Horizontal composition with copy space and selective focus.
• 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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