ASX 200 for week starting 27th Feb 2017
On Friday has been a scary red long candle down that takes out of the picture the recovery in short term of the blue trend line. It doesn’t mean that the trend has changed, but there is now a possibility of double top at 5827-5833.
The support should come in the short term at least at the red trend line and/or 50% of the last move down at around 5705-5715. Still, the positive is that the index made 20 days to make a low at 5582, and recover back to the high in only 8 days.
I didn’t like to comment on external factors (apart from chart technical reading), but it looks like that at the moment is all around US markets and what Donald Trump is going to do.