ASX 200 closed the week below the converging resistance area and major TL resistance 2007/15/17 sinc

The S&P/ASX 200 closed the week below the converging resistance area and major TL resistance 2007/15/17 since forming a higher-low. However, it might now be more difficult for a BO to occur over the next several weeks as resistance move further apart. In short - if the index doesn't BO above 5840 next week, then it probably wont for the next several weeks. Weekly momentum remains bullish decreasing..

The MACD formed a bullish up-cross during late-4Q16 with an expanding positive histogram, however the histogram has been reducing for most of 2017 and is moving lower. The MACD could form a bearish down-cross within weeks.

Stochastic formed bullish higher-low's during 4Q16 before entering the bullish continuation region (>80). Currently In the process of forming bearish lower-high's and could become OB (<80) within weeks.

#ausbiz #ASX200 #ASX