With the new and significantly lower peak below the cloud resistance, focus is fully on lower levels. For the near term the 6000-zone offers some minor support but on a 2-3 month basis we expect to see levels as low as 5740 and 5714 (projection and pivot cluster).
- Long term trend: neutral (negative < 6000)
- Outlook: deep correction, probable long-term bearish reversal
- Strategy: exit-long and/or short-entry
- Support: 6000 / 5740* / 5714
- Resistance: 6345 / 6465+
- Major shift in sentiment: below 6000
Daily chart Australia All Ordinaries Index