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ASX200 technical outlook and key levels!!
The ASX200 remains under pressure as we see sellers regaining control to push prices lower after the surprise RBA rate hike of 0.25% rather than the widely expected 0.50%. All the gains that pushed the index into 6817 highs are now negated as global inflation remains elevated.
Although the US does have a different inflation profile than Australia and has to deal with much higher levels, there is a consensus that the RBA may still be lagging the curve. It still remains to be seen, but if Global inflation remains high, then I expect Australia to also remain high which means that the RBA still has some work to do which is what we are seeing reflected in the ASX200 selloff.
Longer term, the ASX is still heading lower and now the short term is again confirming that trend. Expecting to see continued weakness in the index with the usual flush higher and then selloff to confuse the bulls.
For me… I remain of the view that it is NOT a time to enter new share positions until the unknown becomes more of the known!!
Check out the charts below and see what YOU think.
Happy Trading!!
Braden
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