The ASX 200 rallied on news of EU progress and is headed for resistance at 4350. Breakout would offer a target of 4850* but weakness in China makes this unlikely.
* Target calculation: 4350 + ( 4350 – 3850 ) = 4850
On the long-term (quarterly) chart it is clear that we are still in bear territory. Only breakout above 5000 would reverse the trend.
