ASX 200 week starting 20th Feb 2017
Last week I was expecting a pull back (lower lows) for one or two days, but didn’t happen. Now, the index reached the last high (even overtook it few points).
Now, that the index is at the old high (resistance), and after such a run it should have a pull back. So, watch on Monday the low at 5799 and if taken, the support should come at a blue trend line. In the short term if the index takes the high at 5833, I can’t see much higher than 5861 (the 61.8 Fibonacci extension, see the chart above).