Bananabread wrote a post · Aug 4, 2022 10:47

Will the ASX200 continue to extend this rebound?

The ASX200’s sustained break above 6950 seems to have alleviated a lot of the bearish pressure which stemmed from the June sell-off, as buyers have stepped in over the last two days to support the index around this key level.

Futures are currently pointing to a higher open for today. If $S&P/ASX 200 (.XJO.AU)$can now build on Wall Street’s positive lead and close above the psychological 7000 level, it could potentially allow for a rally towards the all-important 200-day MA.

Of course, all trading carries risk, and near-term price action will likely depend on this month’s Aussie earnings reports, as well as global sentiment in terms of further rate hikes and recession concerns.

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Bananabread

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